Assume your organization has the following inventory changes during the year Beginning Inventory    15 units at $100 March purchases          10 units at $200  June purchases              20 units at $250 Total units used             35   2a.  Calculate the value of the ending inventory and the value of the inventory used for the year using the FIFO method of cash flow 2b.  Calculate the value of the ending inventory and the value of the inventory used for the year using the LIFO method of cash flow

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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.