Viper Company began year 2020 with 24,000 units of product in its January 1 inventory costing $15.80 each. It made successive purchases of its product in year 2020 as follows. The company uses a periodic inventory system. On December 31, 2020, a physical count reveals that 43,000 units of its product remain in inventory. Mar. 7 36,000 units @ $18.80 each. May 25 38,000 units @ $22.80 each. Aug. 1 28,000 units @ $24.80 each. Nov. 10 37,000 units @ $27.80 each Required: 1. Compute the number and total cost of the units available for sale during in year 2020. 2. Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average cost. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number and total cost of the units available for sale during in year 2020. Total units available for sale Total cost of units available for sale units

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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.