7.On March 31, 2021, the warehouse of Cucumber Company was destroyed by fire. The company's markup on cost is 40%. The following information was obtained from the available records: Inventory, 12/31/2020 - P600,000 Sales for the 1st quarter - P2,240,000 Purchases for the 1st quarter - P1,750,000 What is the cost of inventory immediately before the fire?

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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.