Beginning inventory Purchases. Net markups Net markdowns Net sales Multiple Choice Average cost Management calculates the cost-to-retall percentage as 57.9% equal to cost of $440,000 ($40,000-$400,000) divided by retail of $760,000 ($60,000 $660.000 + $50,000 - $10,000). Which application of the retail inventory method is the company using? LIFO Conventional LOST $ 40,000 400,000 Dell In ketall $60,000 660,000 50,000 10,000 580,000

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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.