To determine the cost of ending inventory using the LIFO​ method:       A. the average cost of the inventory is used.   B. the beginning inventory and earliest purchase costs are used.   C. the specific unit cost of the inventory is used.   D. the latest purchase costs are used.

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A: a.

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A:

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Q: Calculate the value of ending inventory and cost of goods sold

A: value of Inventory can be found out using 3 methods FIFO LIFO Weighted Average

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.