Norbert Company utilizes a periodic inventory system. The unadjusted inventory balance is $100; purchases were $1,050; purchase discounts were $50; ending inventory is $200 based on a physical count. Norbert Company's adjusting entry would include debit(s) to:

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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.