Company A conducts the following transaction for the financial year ending Dec. 2011 for a particular item numbered item X 1. Jan. 1 bought 109 items at $34 each Feb. 10 bought 410 items at $40 each March 4 sold 215 items for $60 each April 16 bought 211 items at $50 each May 18 sold 320 items for $70 each October 1 bought 401 items at $65 each Nov. 29 sold 324 items for $95 each Requirement: Using the perpetual system solve for the followings: a.      Find the closing stock using  LIFO  Find the profit/loss using the LIFO inventory method

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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.