During 2024, a company sells 387 units of inventory for $92 each. The company has the following inventory purchase transactions for 2024 Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Ending inventory Cost of goods sold Number of Units Unit Cost Total Cost 66 $4,158 10,985 12,444 $27,587 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses LIFO. $63 65 68 169 183 418

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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.