You Answered Elvira Corporation uses a periodic inventory system. The following transactions affected its merchandise inventory during the month of August year 1: Aug. 1 Aug. 8 Aug. 14 Aug. 18 • Aug. 25 • Aug. 31 Inventory on hand-2,000 units; cost $6.10 each. Purchased 10,000 units for $5.50 each. Sold 8,000 units for $12.00 each. Purchased 6,000 units for $5.00 each. Sold 7,000 units for $11.00 each. Inventory on hand-3,000 units. Required: What is COGS for the month ended August 31st, assuming they use the FIFO inventory 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.