The following is a record of Larkspur Company’s transactions for Boston Teapots for the month of May 2017. May 1   Balance   476 units  @  $20   May 10   Sale   357 units  @  $37 12   Purchase   714 units  @  $27   20   Sale   643 units  @  $37 28   Purchase   476 units  @  $31                          Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 666 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?     (1)FIFO   (2)LIFO Ending Inventory   $     $       LINK TO TEXT       Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.     (1)FIFO   (2)LIFO Ending Inventory   $     $       Click if you would like to Show Work for this question: Open Show Work

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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.