Massey Corporation, a retailer, plans to sell 23,000 units of Product X during the month of August. If the company has 4,600 units on hand at the start of the month, and plans to have 5300 units on hand at the end of the month, how many units of Product X must be purchased from the supplier during the month? Multiple Choice

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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.