The inventory data for an item for November are: Nov. 1 Inventory 21 units at $21 4 Sold 11 units 10 Purchased 27 units at $22 17 Sold 22 units 30 Purchased 22 units at $22 Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO? a. $814 Ob. $705 c. $925 O d. $715

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.