Ending inventory Depreciation expense year 2021 $9000 overstated $5550 understated 2020 years $23000 overstated $18000 overstated Assume that the proper correcting entries were made at December 31, 2020. By how much will 202 overstated or understated?

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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.