Rank the following inventory methods in terms of their record-keeping cost.  For answer choices, the leftmost number has the highest record-keeping cost and the rightmost number has the lowest record-keeping cost.  1. Dollar-value LIFO 2. Retail inventory method - LIFO 3. Unit LIFO

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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.