RJ Corporation has provided the following information about one of its inventory items: Number of Cost per Date Transaction Units Unit 1/1 Beginning Inventory 680 $2,450 6/6 Purchase 850 $3,950 9/10 11/15 Purchase 1,270 $5,050 Purchase 890 $5,600 During the year, RJ sold 3,220 units. What was ending inventory using the LIFO cost flow assumption? Multiple Choice $2,091,564. $1,748,400. $2,632,000 $1,151,500.

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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.