he formula for calculating the selling price (or retail price) of an item when the Total Purchase Price is known is as follows. Selling Price =    Total Purchase Price 100% − Sales Tax Rate True or False?

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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.