Flounder Corp. uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 Explanation Units Unit Cost Inventory Purchases Purchases 100 385 200 $5 6 7 Total Cost $500 2,310 1,400

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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.