EN PRINTER Vinton da VERSION BACK question 1 n its first month of operations, Bramble Corp. made three purchases of merchandise in the following sequence: (1) 160 units at $9, (2) 520 units at $10, and (3) 105 units at $11. assuming there are 370 units on hand, compute the cost of the ending Inventory under the (a) FIFO method and (b) LIFO method. Bramble uses a periodic Inventory system. FIFO a) Cost of the ending inventory LIFO (b) Cost of the ending inventory

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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.