During the current period, Haitijah sells 340 units.   A. Assume Haitijah uses the FIFO method.  Compute the cost of goods sold for the current period and the ending inventory balance for this product.   B. Assume Haitijah uses the LIFO method.  Compute the cost of goods sold for the current period and the ending inventory balance for this product.   C. Assume Haitijah uses the average cost method.  Compute the cost of goods sold for the current period and the ending inventory balance for this product. Compute LIFO reserve.

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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.