3. The following information relates to the inventory of Spider Ltd during May: May 1 Beginning Inventory 3 Purchased 10 Sold 12 Purchased 17 Sold 25 Sold 80 units @$5 90 units @ $6 110 units 90 units @$7 80 units 30 units

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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.