Cost Retail $11,160 54,600 $ 18,000 92,400 Beginning inventory Purchases Freight-in Net additional markups Net markdowns Sales 840 600 1,144 94,056

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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.