Assuming the use of the periodic inventory system, use the data below to calculate the net cost of goods purchased for the year ended December 31, 2023. • Merchandise Inventory, December 31, 2022 $2,318 • Merchandise Inventory, December 31, 2023 2,041 . Cost of Goods Sold 7,604 Answer:

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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.