Beginning inventory, 100 units @P1.50; purchases: Jan 24 – 300 units @P1.56                   Jun 11-150 units @P1.60                   Oct 15- 150 units @P1.70 Units sold: Feb 8 – 80 units @P2                   Mar 18 – 140 units @ P2.50                   Aug 18 – 130 units @P3.00                   Sept 6 – 110 units @P3.50                   Dec 29 – 140 units @P5. 1. P1,037.13 will be the gross profit of the company under? 2. Purchases made by the company amounted to? 3. this is the cost of sales on December 29 under perpetual, FIFO?

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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.