Merchandise Inventory on December 31, 2018 $ 10,500 Merchandise Inventory on January 1, 2018 16,000 Net Sales Revenue 56,000 Utilities Expense for the shop 3,200 Rent for the shop 4,100 Sales Commissions 2,750 Purchases of Merchandise Inventory 25,000

Q: Use the following information for the Quick Study below. Trey Monson starts a merchandising business…

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A: Cost of goods sold = Beginning inventory + Purchases + Freight in - Ending inventory

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Q: PURCHASES JOURNAL

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A:

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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.