he following inventory transactions took place for Wildhorse Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Event beginning inventory sale purchase Quantity 24,000 5,900 31,900 Cost/ Selling Price $44.00 83.00 35.25

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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.