Vaughn has the following inventory data: July 1 Beginning inventory 54 units at $122 5 Purchases 306 units at $114 14 Sale 204 units 21 Purchases 153 units at $117 30 Sale 143 units Assuming that a periodic inventory system is used, what is the cost of goods sold on a LIFO basis? O $19383 O $40017 O $19356 O $39990

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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.