A manufacturer’s Raw Materials Inventory account appears as follows:   Raw Materials Inventory Debit Credit Beginning 25,700     Purchases 100,700         82,800 Direct materials used     15,700 Indirect materials used Ending 27,900     All raw materials purchases are made on credit. Prepare journal entries to record the: 1. Purchase of raw materials. 2. Direct materials used. 3. Indirect materials used.

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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.