Using a LIFO perpetual cost flow and the following data for Beamer Company, determine the value of the ending inventory and the cost of merchandise sold for the month of November. Nov. 1   Purchase   600 units $80 each   4   Sale   200 units     11   Purchase   350 units $82 each   12   Sale   275 units     22   Purchase   175 units $84 each   23   Sale   155 units     a. Calculate the inventory valuation at the end of November. $fill in the blank 1 b. Calculate the cost of merchandise sold for November. $fill in the blank 2

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A:

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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.