15. At the beginning of the month Jones Co. had an opening balance in Supplies of $1100. During the month they purchased an additional $1600 worth of supplies. At month end, $700 worth of office supplies were in ending inventory. Prepare the journal entry to adjust for the Supplies used. How much did you debit?

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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.