The following information are available for ABC Corp at May 31, 20X1: Cost of goods sold, 170,000 Increase in inventory 3,000 How much is the net purchases? 167,000 170,000 173,000 Cannot determine the amount

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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.