Cora’s Computers uses the Periodic Inventory System and has a September 30 year-end. The company began the year with inventory with a cost of $84,300. When Cora’s staff counted inventory at September 30, inventory with a cost of $109,200 were on hand. The company also had the following account balances for the year (all with normal balances): Purchases $199,500 Freight In 16,400 Purchase Returns and Allowances 9,800 Sales 325,000 Purchase Discounts 1,800 Required: 1) Calculate the Cost of Goods Sold for Cora’s (show the full, detailed calculation). 2) Calculate the Gross Profit and Gross Profit Margin (%). 3) Calculate the a) Inventory Turnover and b) Days in Inventory

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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.