Anderson's Department Store has the following data for inventory, purchases, and sales of merchandise for December: Activity Units Purchase Price (per unit) Sale Price (per unit) Beginning inventory 10   $8.00       Purchase 1, Dec. 2 22   8.80       Purchase 2, Dec. 5 26   9.05       Sale 1, Dec. 7 19       $20.00   Sale 2, Dec. 10 25       20.00   Purchase 3, Dec. 12 12   9.80       Sale 3, Dec. 14 20       20.00   Anderson's uses a perpetual inventory system. All purchases and sales were for cash.     3.  Compute cost of goods sold and the cost of ending inventory using the average cost method. (Note: Use four decimal places for per-unit calculations.) Round your answers to the nearest cent. Cost of goods sold ???????????????? Cost of ending inventory ??????????????

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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.