1. A listing of the Minerva Company's inventory items at the end of 2007 totals $85,000. Included in this amount are the following items: Merchandise in transit as of 12/21/2007, purchased FOB shipping point $5,800 Goods held by Minerva as consignee from Nirvana 6,000 Goods out on consignment, at cost plus 50% markup on cost plus $100 delivery charge. 4,600 What is the dollar amount of Minerva's 2007 ending inventory that should be reported on the balance sheet? a. $73,100 b. $79,200 c. $79,000 d. $77,500 Please show work, do not use excel

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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.