98. Drake Corporation had the following amounts, all at retail: €120,000 Purchases Net markups 18,000 2,800 Net markdowns Sales returns 1,800 Normal shortage 2,600 Beginning inventory Purchase returns Abnormal shortage Sales 72,000 Employee discounts 1,600 What is Drake's ending inventory at retail? € 3,600 6,000 4,000 Mimall ILL Drake Cameration

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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.