20.1 A business has compiled the following information for the year ended 31 October 20X2: Opening inventory Purchases Closing inventory %24 386,200 989,000 422,700 The gross profit as a percentage of sales is always 40% Based on these figures, what is the sales revenue for the vear? $952,500 $1,333,500 $1,587,500 $1 524.000 ABC

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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.