At December 31, 2019, the following information was available from Crisford Company's books:     Cost Retail Inventory, 1/1/2019 $14,700 $20,300 Purchases 83,300 115,500 Net Additional markups — 4,200 Available for sale $98,000 $140,000 Sales for the year totaled $110,600; markdowns amounted to $1,400. Under the approximate lower of average cost or market retail method, Crisford's inventory at December 31, 2019, was:   a.$28,000 b.$21,560 c.$19,600 d.$30,800

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A: Definition:

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.