Given that there were no units in inventory at the start of the period, determine the value of the ending inventory at the end of December, using each of the following methods: (a) FIFO (b) LIFO (c) AVCO

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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.