If there were 50000 pounds of direct materials on hand on January 1, 140000 pounds are desired for inventory at January 31, and 490000 pounds are required for January production, how many pounds of direct materials should be purchased in January?

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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.