Mega Sales sells some of its used store fixtures. The acquisition cost of the fixtures is $13,615, and the accumulated depreciation on these fixtures is $7,004 at the time of sale. The fixtures are sold for $3,356. Determine the amount of cash flows from investing activities on the statement of cash flows. Select the correct answer. $3,356 $6,611 $3,255 $13,615

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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.