Abbott Company purchased $8,400 of merchandise inventory on account. Which of the following entries would be required to record this transaction? Multiple Choice Account Title Debit Credit Accounts Payable Purchases 8,400 8,400 Account Title Debit Credit Accounts Payable 8,400 Inventory 8,400 Account Title Debit Credit Cost of Goods Sold 8,400 Accounts Payable 8,400 Account Title Debit Credit Inventory 8,400 Accounts Payable 8,400

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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.