Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning inventory Apr.20 Purchase Number of Units 450 350 Unit Cost $2.48 2.76 Dunbar sold 550 units of inventory during the month. Ending inventory assuming FIFO would be: your answer to the nearest dollar amount.)

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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.