Type X Y Z Quantity Purchased 110,000 100,000 75,000 285,000 Cost Per Unit $4.75 3.75 2.10 Quantity Sold 90,000 85,000 70,000 245,000 Inventory Y Pools Inventory Z Pools Total LIFO ending inventory cost - 5 Selling Price per Unit $10.00 7.50 5.00 Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to four decimal places. 252,500 X 2. Compute the LIFO cost of the ending inventory assuming Webster uses three inventory pools. Round cost indexes to four decimal places. Round intermediate calculations to the nearest dollar. Also, if necessary, round final answers to the nearest dollar. Inventory X Pools

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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.