S1: When you post an inventory transfer from warehouse 02 to warehouse 01, the system creates an inventory transfer document and a journal entry. S2: Missing inventories due to warehouse theft increases the stock quantities       Only S1 is incorrect       Both statements are incorrect       Only S1 is correct       Both statements are correct

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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.