The records of Cordova Corp, showed the following transactions, in the order given, relating to the major inventory item. Units Unit Cost 3,200 $ 9.40 6,400 9.70 4,300 5,400 10.00 9,600 1. Inventory 2. Purchase 3. Sale (at $20.00) 4. Purchase 5. Sale (at $28.00) 6. Purchase 7. Sale (at $23.00) 8. Purchase 11,600 10.16 9,600 6,400 10.30 Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) Independent Assumptions a FIFO b Moving average perpetual inventory system Ending Inventory Units and Amounts Cost of Goods Sold Gross Margin

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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.