ompany has the following purchases and sales during February. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold?   Date Activities Units Acquired at Cost Units Sold at Retail February 1 Beginning inventory 10 units @ $10 = $100   February 3 Purchase 20 units @ $12 = $240   February 5 Sales   12 units sold   Multiple Choice   $120   $124   $128

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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.