State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year.  At  December  31 last year, the company’s inventory amounted to $150000. Jan. 8      Purchased 20 Nonpxe laptop computers on account from Led Inc.  The laptop comptuers cost $800 each.  Payment is due in 30 days   Jan. 10  Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200.  Unit cost of each laptop was $1000. a. Prepare journal entries to record these transactions on January 8 and January 10 assuming that the company uses perpetual inventory system.   Date Debit Credit Db Cr                                 Date Debit Credit Db Cr                               Date Debit Credit Db Cr

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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.