The inventory records of Mod Oil Company for January 2020 showed the following data for an item of its merchandise for sale (assume that the six transactions occurred in the order shown).   Date Units Unit Cost Total Beginning inventory (Jan. 1) 900 $6.00 $5,400 Jan. 3 Purchases 1,080 6.10 6,588 Jan. 5 Sales (1,620 units)       Jan. 10 Purchases 1,080 6.20 6,696 Jan. 20 Sales (900 units)       Jan. 25 Purchases 720 6.30 4,536 Jan. 28 Sales (540 units)       Total available for sale 3,780   $23,220   Its ending inventory of 720 units can be specifically identified as follows: 180 units from the January 3 purchase, 90 units from the January 10 purchase, and 450 units from the January 25 purchase.  Compute ending inventory and cost of goods sold for the month ended January 31 using the methods indicated below. Round your final answer to the nearest whole dollar. Do not round per unit costs in your calculations. Periodic Inventory System Ending Inventory COGS a. Specific identification (periodic) Answer   Answer   b. Average cost (periodic) Answer   Answer   c. FIFO (periodic) Answer   Answer   d. LIFO (periodic) Answer   Answer   e. Moving average (perpetual) Answer   Answer   f. FIFO (perpetual) Answer   Answer   g. LIFO (perpetual) Answer   Answer   h. Dollar-value LIFO* Answer   Answer   *Assume that the beginning inventory is the base layer at a cost of $6.00 per unit. The price index for January 2020 is 1.05.

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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.