The conventional retail inventory method is based on:   Multiple Choice   Average cost.   LIFO cost.   Lower of average cost or market value.   Lower of LIFO cost or market value.

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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.