Balances:​​​                     Beginning​             Ending Direct materials​​           13,500​​7                  300 Work in process inventory ​ 0​​                     3,400 Finished goods inventory​    0​                     ​5,100 Other information: Direct materials purchase​ 36,000 Plant expenses​​​                   19,000 Sales salaries​​​                      6,200 Delivery of items sold​         ​1,100 Net sales revenue​​             108,500 Customer hotline costs​​      4,800 Direct labor​​​                         24,000 Create a Schedule of Cost of Good Manufactured. Create an Income Statement.

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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.