Knowledge Check 01 Consider the following information: Accounts receivable Merchandise inventory Net sales Cost of goods sold Year 2 $ 88,000 66,000 408,000 248,000 Receivables turnover ratio Year 1 $ 80,000 80,000 380,000 228,000 What is the Year 2 receivables turnover ratio for Year 2? Note: Round your answer to 2 decimal places.

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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.