The following is information regarding inventory of Dili Ltd during September 2019. Dili Ltd uses a periodic inventory system:   Opening balance Purchases Sales September 1 – 5 units @ $200 September 3 – 5 units @ $240 September 7 – 7 units   September 12 – 3 units @ $260 September  27 – 5 units   September 25 – 6 units @ $200   What was the value of cost of goods sold, using the FIFO assumption?

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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.