Carol Garcia Company was formed on December 1, 2024. The following information is available from Garcia's inventory records for Product BAP. January 1, 2025 (beginning inventory) Purchases: January 5, 2025 January 25, 2025 February 16, 2025 March 26, 2025 Purchases January 5, 2025 Units Beginning Inventory 1,320 Ending Inventory 2,640 2,860 1,760 1,320 Unit Cost $7 A physical inventory on March 31, 2025, shows 3,520 units on hand. Units 8 Prepare schedule to compute the ending inventory at March 31, 2025, under LIFO inventory method. CAROL GARCIA COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER LIFO INVENTORY METHOD March 31, 2025 9 3.520 10 11 Unit Cost 7 Total Cost 22,880 4,620 27,500

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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.