Waterway Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Balance, 1/1/20 Per Units unit price Total 190 $4.00 $760 Purchase, 1/15/20 170 Purchase, 1/28/20 170 O 310 O 340 O 220 O 50 5.10 867 5.60 952 An end of the month (1/31/20) inventory showed that 220 units were on hand. How many units did the company sell during January, 2020?

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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.