Aiello, Inc. had the following inventory in its fiscal year. The company uses the LIFO method of accounting for inventory. Beginning Inventory, January 1: 195 units @ $15.00 Purchase 300 units @ $18.00 Purchase 75 units @ $13.50 Purchase 165 units @ $15.75 Ending Inventory, December 31: 180 units The company’s cost of goods sold for its fiscal year is: Select one: a. $7,958.63

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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.