Melbourne Company uses the perpetual inventory system and LIFO cost flow method. Melbourne purchased 700 units of inventory that cost $3.50 each. At a later date, the company purchased an additional 800 units of inventory that cost $4.00 each. If the company sells 1,000 units of inventory, what amount of ending inventory will appear on a balance sheet prepared immediately after the sale? Multiple Choice O O 0 0 $3,900 $2,000 $1,750 $1,875

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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.