Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases Sales Beginning Revenue Inventory Purchases Total Ending Available Inventory Cost of Goods Gross Profit Pretax Expenses Income Sold (Loss) A $1,400 $ 300 $1,300 $ 580 $ 230 BCDE 1,400 130 1,140 210 220 C 100 240 480 450 160 D 920 670 250 100 250 E 1,020 930 1,130 530 (70)

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A:

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A:

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A:

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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.