Under the periodic inventory system, which of the following is a correct closing entry? A) Income summary, debit; Sales, credit B) Income summary,  credit; Sales Returns and Allowances, debit C) Income Summary, debit; Merchandise Inventory (beginning), credit D) Purchases, debit, Income Summary,  credit

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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.