Georgia Co. had beginning inventory of $800 and ending inventory of $400. The cost of goods sold was $3,200. Based on this information, Georgia Co. must have purchased inventory amounting to: a) $3,200. b) $4,400. c) $3,600. d) $2,800.

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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.