Wilkenson Inc. has the following information available for November: Date units cost per unit total cost Nov 1 beginning inventory 70 $50 3500 Nov 5 purchase 30 $60 1800 Nov 14 sale (60) Nov 25 purchase 60 $52 3120 Nov 30 sale (80) total 20 62 8420 Compute the cost of goods sold and

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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.