Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023 Beginning Inventory Feb. 10 purchased Feb. 20 sold Mar. 13 purchased Sept. 5 purchased Oct. 10 sold 335 units 95 79/unit 250 units @s 83/unit 415 units @s 159/unit 245 units @s 77/unit 300 units @s 63/unit 555 units @s 159/unit Gale Company employs a perpetual inventory system. Required:

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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.