Harriet has been told about an ABC inventory analysis. She hasaccumulated the following annual figures for her flower shop: roses,$10,000; ribbon, $100; bud vases, $1,000; pins, $15; glass bowls, $500;ceramic pots, $3,000; wrapping paper, $250; and carnations, $5,500.a. Using the percentage of total inventory costs, if these were her total inventorycosts, what items should be classified as A items?b. What items are C items?

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A:

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Q: periodic inventory system

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A:

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A:

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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.