The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023. Beginning 640 units @ $75/unitFeb. 10 350 units @ $72/unitAug. 21 230 units @ $85/unit Stilton Company has two credit sales during the period. The units have a selling price of $135.00 per unit. Sales Mar.15430 units Sept.10335 units Stilton Company uses a perpetual inventory system. Required: 1. Calculate the dollar value of cost of goods sold and ending inventory using: (Do not round intermediate calculations. Round the "Weighted-average cost" to 2 decimal places. Round final answers to 2 decimal places.)

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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.