Use the information in RE9-8. Calculate Uncle Butch’s Hunting Supply Shop’s ending inventory using the retail inventory method under the lower of average cost or market assumption. RE9-8 Uncle Butch’s Hunting Supply Shop reports the following information related to inventory: Calculate Uncle Butch’s Hunting Supply Shop’s ending inventory using the retail inventory method under the FIFO cost flow assumption.

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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.