Your calendar year company places a $85,000 inventory order December 27 which shipped to your company December 28, FOB shipping point. Your company receives the $85,000 of inventory January 2. Your company will include the $85,000 in the December 31 inventory, reporting it on their  balance sheet.  True  False

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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.