Lab Company's targeted ending inventory is ₱250,000. Its forecasted sales is ₱980,000 and has a beginning inventory of ₱235,000. Cost of sales is 68% of sales. Compute the budgeted purchases.   ₱651,400   ₱681,400    ₱181,400   ₱1,151,400

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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.