Sunland Company sells one product. Presented below is information for January for Sunland Company. Jan. 1   Inventory   113 units at $4 each 4   Sale   92 units at $8 each 11   Purchase   141 units at $6 each 13   Sale   112 units at $9 each 20   Purchase   154 units at $7 each 27   Sale   93 units at $11 each Sunland uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Sunland uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 111 units Compute gross profit using the periodic system.     Assume Sunland uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Compute gross profit using the perpetual system.

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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.