Exercise 6-13 Estimating ending inventory-retail method LO6 During 2023, Harmony Co. sold $525,000 of merchandise at marked retail prices. At the end of 2023, the following information was available from its records: Beginning inventory Net purchases At Cost At Retail $132,600 $261,800 236,240 398,600 Use the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answers to 2 decimal places.) Ending 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.