ABC has entered into a non-cancellable purchase contract which the company to purchase 5,000 sacks of copra from seller at P650 per sack middle of 20x1. By the end of 20x1, the price of copra per sack increases to P670 and by the end of the first quarter of 20x2, it rolls back to 630 a sack when ABC made the actual purchase triggered from the continuing decline since 20x2 commenced. At initial recognition, determine the amount that will be shown in the statement of financial performance related to this transaction? (sample answer: 1,000 gain or 1000 loss

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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.