Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9. March 18 March 25 March 29 Total Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 70 units @ $50.40 per unit 210 units@ $55.40 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 70 units @ $60.40 per unit 120 units @ $62.40 per unit # of units 470 units Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale Units Sold at Retail 230 units@ $85.40 per unit 100 units @ $95.40 per unit 330 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.