1 your client, Awesome Inc has asked you to help with valuing its closing inventory                     below details are from Trial Balance                         Sales     $154,300.00       Opening Inventory     $18,780.00       Purchases     $119,325.00                     Awesome generally has a gross profit of 25%

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Q: valuing its closing inventory

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A: INVENTORY VALUATIONInventory Valuation is a method of calculation of Value of Inventory at the End…

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.