Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2024. Information for 2024 and 2025 is as follows. with certain data intentionally omitted:

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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.