Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.   Date   Transactions Units   Unit Cost   Total Cost October 1   Beginning inventory   6     $ 740       $ 4,440     October 4   Sale   4                       October 10   Purchase   5       750         3,750     October 13   Sale   3                       October 20   Purchase   4       760         3,040     October 28   Sale   7                       October 30   Purchase   7       770         5,390                               $ 16,620         Problem 6-1A Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.

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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.