Aaron Corporation, which has only one product, has provided the following data concerning its most recent month of operations:   Selling price $171 Units in beginning inventory 0 Units produced 7,200 Units sold 6,900 Units in ending inventory 300   Variable costs per unit:   Direct materials $30 Direct labor $60 Variable manufacturing overhead $24 Variable selling and administrative expense $24 Fixed costs:   Fixed manufacturing overhead $194,400 Fixed selling and administrative expense $ 29,400   What is the unit product cost for the month under variable costing?

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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.