Beginning inventory and purchases and sales data for T-shirts are as follows: Apr. 3 Inventory 11 Purchase. 14 Sale 21 Purchase 25 Sale 24 units @ 26 units@ 36 units 18 units @ 20 units $10 $12 $15 Assuming the business maintains a periodic inventory system, determine the cost of merchandise sold and ending Inventory under the following assumptions a. FIFO b. LIFO c. Weighted average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.

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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.