Bogan Co has the following data for the year 2024: Beginning Inventory Purchases Net Markups Net Markdowns Net Sales Cost Retail $112,000 $160,000 383,500 590,000 50,000 25,000 590,000 Estimate ending inventory and cost of goods sold using the average cost retail method. What is Ending Inventory? $

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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.