Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cos following data is available from the company records for the month of June 2024: Cost Beginning inventory $ 115,000 367,000 Net purchases Net markups Net markdowns Net sales. Retail $144,000 570,000 32,000 49,000 590,000 The estimated ending inventory is: Note: Round cost-to-retail ratio 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.