The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.     Date Activities Units Acquired at Cost Units Sold at Retail   Mar. 1   Beginning inventory   190 units @ $52.80 per unit           Mar. 5   Purchase   270 units @ $57.80 per unit           Mar. 9   Sales

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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.