Memphis Wholesale Market applies the lower of cost or net realizable valuation to individual products and has collected the following data:     Product A Product B Product C Selling price $ 96   $ 121   $ 76   Cost   66     71     76   Costs to sell   14     19     9       Determine the inventory book value for Products A, B, and C.

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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.