For each of the following, indicate whether the item should be included in the inventory of Blade Ltd., or should not be included. On December 31, the last day of the fiscal year, Baldes shipped 1,000 units to one of its customers. The product has not yet been received by the end of the day. Terms were FOB destination point. Answer 1   Roller Corporation is holding inventory on consignment for Blades. On December 31, 30% of the inventory is still at Roller’s location.   Answer 2 Blades shipped some product to a customer, who received the product on December 15. Terms of sale call for payment on January 10 of the following year.

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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.