9. Sheridan Co. uses the retail inventory method. The following information is available for the current year. Cost Retail Beginning Inventory $318000 $480000 Purchases 1230000 1740000 Freight-In 25500 Employee Discounts 8900 Net Markups 52000 Net Markdowns 92000 Sales Revenue 1620000 The approximate cost of the ending inventory by the conventional retail method is a. $407816 b. $381912 c. $410000 d. $378053

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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.