During July 2022, the following transactions and events occurred for Alpha Juliet Charlie Ltd who uses a periodic inventory system and is registered for GST. All transactions are GST Inclusive.   Date Transaction 3/7/2022 Purchased $3,850 of inventory; terms 2/10, n/60. 6/7/2022 Returned $550 of the inventory purchased on July 3 12/7/2022 Paid for the goods purchased on July 3. 13/7/2022 Sold goods on credit for $6,490; terms 3/10, n/30. 31/7/2022 Received payment from the customer of July 13.   Required: Prepare the journal entries

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A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

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Q: Prepare the entries for transaction below and indicate what journal it is

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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.