Boy With Luv, Inc. sells grocery items and utilizes of the retail inventory method in valuing its inventory. The following information has been provided: • Inventory, 1/1- Cost: 320,000; Retail- P800,000 • Sales- P5,800,000 • Purchases- Cost: P2,100,000; Retail: P6,000,000 • Freight-in- P70,000 • Net markups- P400,000 • Net markdowns- P200,000 Using the FIFO Retail Inventory Method, what is the ending inventory at December 31 (assuming Boy With Luv reports every calendar year)? A. P420,000 B. P414,996 C. P460,000 D. P426,852

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A:

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A:

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A: a.

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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.