Wasatch Outdoor Products has a beginning inventory of 12 backpacks at a cost of $220 each. During the year, the company purchased 10 backpacks at $225, 12 at $230, and 25 at $232. At the end of the year, the company had 8 backpacks left. Calculate the cost of ending inventory using these methods: (a) weighted average, (b) FIFO, and (c) 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.