Crest Products expects the following sales of its single product: Units 20,900 15,300 19,000 25,300 15,500 September October November December January Required: Crest has an ending finished goods inventory policy of 30% of the next month's sales needs. September 1 inventory is projected to be 5,200 units. Each finished unit requires 2 units of Component X and 3 units of Component Z. August 1 materials inventory includes 3,000 units of Component X and 173,000 units of Component Z. Crest desires to maintain a Component X inventory equal to 10% of next month's production needs and a Component Z inventory equal to 20% of next month's production needs. a. Prepare a production budget for Crest for the quarter ending December 31. Crest Products Production Budget For the Quarter Ending December 31 October November Budgeted unit sales Plus: Ending finished goods inventory Less: Beginning finished goods inventory Budgeted production (units) December Total

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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.