Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 450 units (a) at $23 $25 320 units at Sept. 4 Dec. 2 The cost of goods available for sale $ Determine the cost of goods available for sale. 350 units 100 units Waterway Company uses a periodic inventory system. Sales totaled 1,180 units. at $27 $29 at

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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.