Given the following information: beginning inventory of 3,845 units is 100% complete with regard to materials and 80% complete with regard to conversion 12,528 units were started during the period 7,427 units were completed and transferred • ending inventory is 100% complete with materials and 59% complete with conversion Determine the equivalent units of ending work in process for conversion under the weighted-average method. Round to the whole unit, no decimals.

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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.