Information: November TRANSACTIONS NUMBER OF UNITS AND COST 01 Opening inventory 1260 units @ R11 per unit 08 Purchased from supplier 3150 units @ R12 12 Issued to production 2310 units 19 Returned to supplier 525 units (purchased on 08 November) 22 Purchased from supplier 1575 units @ R13 28 Issued to production 2625 units Use the transactions of Stark Industries to determine the value of the closing stock using the first-in-first out method. This stock consists of a component used in production of the final product.

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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.