During the physical inventory count conducted by Nice Traders for the year ended 31 May 2019, inventory on hand consists of trading inventory, R12 507, packaging material, R1 596, stationery. R978 and cleaning material, R560. Before Nice Traders signed off the inventory count sheets, the supervisor noticed that trading inventory on hand included consignment inventory to the value of R1 547 that is owned by Besties Suppliers. Extract from Pre-adjustment trial balance for the year ended 31 May 2019: Trading inventory: 1 June 2018 Purchases Packaging material Stationery Cleaning material Which of the following represents the correct closing inventory amount for Nice Traders for the year ended 31 May 2019? A. R10 960 B. R13 534 C. R15 641 D. R14 094 R 15 450 36 962 6 303 4 597 3 896 E. R15 081

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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.