Current Attempt in Progress Dorothy Taylor Company was formed on December 1, 2024. The following information is available from Taylor's inventory records for Product BAP. January 1, 2025 (beginning inventory) Purchases: January 5, 2025 January 25, 2025 February 16, 2025 March 26, 2025 Units Unit Cost 840 1,680 1.820 1.120 840 653 $9 10 11 12 13 A physical inventory on March 31, 2025, shows 2,240 units on hand.

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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.