QUESTION : Bale Company uses a perpetual inventory system and had the following beginning inventory. purchases and sales during the fiscal year ended December 31, 2017:   Jan. 1 Beginning inventory          280 units @ $80 Feb. 10 Purchase      195 units @ $84 Feb. 20 Sale    360 units @ $160 Mar. 13 Purchase      290 units @ $78 Sept. 5 Purchase      255 units @ $64 Oct. 10 Sale    510 units @ $160   Required: Part I Calculate the ending inventory and cost

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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.