Assume that The following transactions occurred in the month of June in Super moon LLC.Based on the given information, calculate the ending inventory balance on 20th June by following FIFO method. 1st June Opening inventory 400 units @ OMR 4.000. June 3rd purchased 200 units @ OMR 4.5. June 9th purchased 100 units @ OMR 4.25. 14th June sold 450 units. June 15th sold200 units. June 20th purchased 200 units @ OMR 4.50 each. a. OMR 1100 b. None of the given options c. OMR 212.5 d. OMR 1112.5

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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.