1. Assume Quality Chicken classifies all five products as joint products. What are the ending inventory values of each product on July 31, 2017? 2. Assume Quality Chicken uses the production method of accounting for byproducts. What are the end- ing inventory values for each joint product on July 31, 2017, assuming breasts and thighs are the joint products and wings, bones, and feathers are byproducts? 3. Comment on differences in the results in requirements 1 and 2. Required

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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.