Current Attempt in Progress Waterway Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 Units 9900 O $204300. O $297700. O $166100. O $176800. 8800 November 8 6400 Unit Cost $9.00 8.00 7.00 A physical inventory on December 31 shows 4300 units on hand. Waterway sells the units for $11 each. The company has an effective tax rate of 24%. Waterway uses the periodic inventory method. What is the cost of goods available for sale?

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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.