The Delta company uses a periodic inventory system. The beginning balance of inventory and purchases made by the company during the month of July, 2016 are given below: July 01: Beginning inventory, 500 units @ $20 per unit. July. Inventory purchased, 800 units @ $24 per unit. July 25: Inventory purchased, 700 units @ $26 per unit. The Delta company sold 1,400 units during the month of July. Compute cost of goods sold using LIFO method

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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.