Aor. 2 Purchased 160 additional racquets from Roberts Inc. for $6,400, terms n/30. Í Determined that five of the racquets purchased on April 2 were damaged and returned them to Roberts Inc. Roberts Inc. credited Kicked-Back's account. 5 Sold 45 racquets to Tennis Dome for $90 each, terms n/30. 6 Tennis Dome returned 15 of the racquets after determining it had purchased more racquets than it needed. Kicked-Back gave Tennis Dome a credit on its account and returned the racquets to inventory. 10 Sold 40 racquets at $90 each to cash customers. 12 Ten of these racquets were returned for cash. The customers claimed they never play tennis and had no idea how they had been talked into purchasing the racquets. Refunded cash to these customers and returned the racquets to inventory. 17 An additional 10 of the racquets sold on April 10 were returned because the racquets were damaged. The customers received cash refunds and the racquets were sent to a local children's club as a gift. 25 Sold 60 racquets to the Summer Club for $90 each, terms n/30. 29 Summer Club returned 25 of the racquets after the tennis pro had examined them and determined that these racquets were of inferior quality. Kicked-Back gave Summer Club a credit and decided to return the racquets to inventory with plans to sell them for the reduced price of $75 each.

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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.