Capital Technologies Inc. began 2020 with inventory of $20,000. During the year, Capital purchased inventory costing $100,000 and sold goods for $140,000, with all transactions on account. Capital ended the year with inventory of $30,000. Journalize all the necessary transactions under the periodic inventory system

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A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

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A: Inventory Valuation Methods are used to determine the cost of goods sold and the cost of ending…

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A: As per last-in, first-out method units sold from inventory are the units that have been purchased…

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A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

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A: Discount on payment = Purchase amount x rate of discount = $65,000 x 2% = $1,300

Q: n, what is the gross profit for the month?

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Q: cost of inventory 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.