On 04/01/2021, Toronto Co. had 6,000 units of merchandise on hand that cost P120 per unit. During the month, Toronto had the following entries with regard to the merchandise: April 5, purchased on account 15,000 units at P140 per unit; April 8, returned 1,000 units from the April 5 purchase; and, April 29, sold on account 16,000 units at P200 per unit. Toronto uses a perpetual inventory system and a FIFO cost flow. What is the cost of goods sold for April?

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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.