Use data below to calculate the cost of ending inventory using the LIFO periodic inventory system method. January 1 Beginning Inventory 20 units at $20 each January 10 Purchase 24 units at $25 each January 31 Purchase 25 units at $28 each On January 31, ending Inventory consisted of 32 units. a. $750 b. $680 c.

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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.