6. Crane Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year: Beginning inventory Purchases Freight-in $ 60,000 380,000 5,000 Cost Retail $ 90,000 Net markups Net markdowns Sales revenue What is the cost of ending inventory using the conventional method? 520,000 17,000 20,000 410,000

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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.