Western Auto records show the following changes in inventory item 30 that took place in May 2020:        1   Balance 1,400 units @ $36   14   Purchased 800 units @ $54   24   Purchased 700 units @ $45   8   Sold 400 units @ $75   10   Sold 1,000 units @ $60   29   Sold 500 units @ $66   Instructions (Perpetual inventories are maintained) What is the cost of the ending inventory for item 30 under the following methods?     (Show calculations.) (a)   FIFO.                               (b)   LIFO.

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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.