05: Wilson Department Store usesthe retail inventory method, on December 31, 2020, the following information relating to the inventory was gathered: Cost 26550 $ Details. Inventory Jan.1, 2020 Sales Purchases Purchases discounts. Net markups Net markdowns Sales discounts Freight in 262000 4200 3545 Retail 45000 $ 350000 395000 30000 10000 5000 Required: Compute the ending inventory value at December 31, 2020 using the retail invente method.

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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.