1st purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase 100 are from October 18, 20-1 200 are from January 12, 20-2 100 are from March 17 400 are from June 2 200 are from August 21 300 are from September 27 Units Unit Price Total Cost October 1, 20-1 $20.00 $ 8,000 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase 400 October 18 500 20.50 10,250 4,300 November 25 200 21.50 January 12, 20-2 March 17 300 23.00 6,900 900 24.50 22,050 20,000 June 2 August 21 September 27 800 25.00 200 26.00 5,200 700 27.00 18,900 $95,600 4,000

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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.