Given below is information about beginning inventory and purchases for the current year for Peterson Company. January 2                beginning inventory      500 units at $3.00 April 2                     purchased                      1100 units at $3.20 June 30                   purchased                     400 units at $4.00 December 7           purchased                       1600 units at $4.40   Sales during the year were 2700 units at $5.00. If Peterson used the weighted-average (periodic) method, what is gross profit?

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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.