What is COGS and cost of ending inventory in the company using average costing method where 4.000 items are purchased during the period, 400 items are left at the end of the year and inventory account balance is 20.000 TL? a. COGS: 2.000 TL; Cost of ending inventory: 18.000 b. COGS: 4.000 TL; Cost of ending inventory: 16.000 c. COGS: 16.000 TL; Cost of ending inventory: 4.000 d. COGS: 18.000 TL; Cost of ending inventory: 2.000

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A:

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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.