Comfort Company purchased 150 units of inventory on November 17, 2024. The units have a list price of $460 each, but Comfort was given a 20% trade discount. The terms of the sale were 3/10 ."/30. Comfort uses a perpetual inventory system.

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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.