The accounts of Delphinia​ Dreams, Inc. showed the following balances at the beginning of​ October:   Account Debit Raw Materials Inventory $32,000 Work−in−Process Inventory 41,000 Finished Goods Inventory 52,000 Manufacturing Overhead 24,000   During the​ month, direct materials amounting to $22,000 and indirect materials amounting to $7,000 were issued to production. What is the ending balance in

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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.