Exercise 5-11 Net sales computation for multiple-step income statement LO A company reports the following sales-related information. Sales, gross Sales discounts. Add: Sales discounts $ 300,000 Sales returns and allowances 6,000 Sales salaries expense Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales $ 23,000 12,000

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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.