Exercise 6.7 Income Statement - periodic inventory system Use the following information from the records of Packen Partners to prepare an income statement under the periodic inventory system for the year ended 30 June 2023. Purchases Inventory, 1 July 2022 Inventory, 30 June 2023 Selling and distribution expenses Sales Purchases returns and allowances Sales returns and allowances Administrative expenses Freight inwards Finance expenses $ 186 600 13 860 12 920 45 420 268 860 4 420 6 220 16 460 3 180 2 020

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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.