If budgeted begin inventory is $20,600, budgeted ending inventory is $23,600, and budgeted cost of goods sold is $26,120

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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.