Calabogie Camera Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31: Cameras: Sony Canon Light Meters: Gossen Sekonic Units 8 12 10 Unit Cost $182 144 130 116 Unit NRV $164 147 134 110

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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.