Coronado Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 November 8 Units Unit Cost $8.80 O $163700. O $35720. O $162900. O $164300. 9900 8600 6100 8.00 7.00 A physical inventory on December 31 shows 3900 units on hand. Coronado sells the units for $11 each. The company has an effective tax rate of 22%. Coronado uses the periodic inventory method. Under the LIFO method, cost of goods sold is

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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.