A company's inventory records indicate the following data for the month of January: Date Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 550 units @ $18 - $9.900 January 8 Purchase 530 units@ $20-$10,600 January 12 Sale January 17 Purchase January 23 Sale January 28 Purchase $8.690. $21,690. $20,650. Activities $26,220. O $27,390. 590 units @ $22 - $12,980 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? 650 units @ $24 - $15,600 980 units @ $70 395 units @ $70

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…