Listed here are the total costs associated with the 2011 production of 1,000 drum sets manufactured by NeatBeat. The drum sets sell for $564 each. (Assume there is no ending inventory in the year 2011.)   Costs 1. Plastic for casing - $21,000 2. Wages of assembly workers - $80,000 3. Property taxes on factory - $7,000 4. Accounting staff salaries - $41,000 5. Drum stands (1,000 stands outsources) - $39,000 6. Rent cost of equipment for sales staff - $48,000 7. Upper management salaries - $205,000 8. Annual flat fee for maintenance service - $17,000 9. Sales commissions per unit - $22

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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.