Inventory records for Marvin Company revealed the following: Cost Mar. 1 Beginning inventory 960 $7.28 Mar.10 Purchase 570 7.71 Mar.16 Purchase 790 8.16 Mar.23 Purchase 550 8.56 Marvin sold 1,960 units of inventory during the month. Cost of goods sold assuming FIFO woul Round your answer to the nearest dollar amount.)

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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.