The following information for the past year for the Blaine Corporation has been provided: Fixed costs: ​ Manufacturing $110,000 Marketing 16,000 Administrative 20,000 Variable costs: ​ Manufacturing $115,000 Marketing 22,000 Administrative 42,000During the year, the company produced and sold 10,000 units of product at a selling price of $18.32 per unit. There was no beginning inventory of product at the beginning of the year. What is the contribution margin ratio for Blaine Corporation (round to 1 decimal)?     -3376.2%     2.3%     -77.4%     79.7%

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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.