Using Excel to Cost Inventory PROBLEM In its first month of operations, McLanie Company made three purchases. Information concerning these purchases and units on hand are: Units 300 400 500 Cost per Unit $6.00 8.00 9.00 Units on hand at period en Purchases of merchandise were made in the sequence listed above. 200 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use only mathematical formulas with cell references to compute the unit cost and the cost of ending inventory. Compute the cost of the ending inventory under the average-cost method in a periodic inventory system. Weighted-average unit cost Round unit cost to 3 decimals using the ROUND function Cost of ending inventory

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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.