Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: Accounts Amount Work-in-process inventory (January 1) $ 140,400 Work-in-process inventory (March 31)  171,000 Finished goods inventory (January 1)  540,000 Finished goods inventory (March 31)   510,000 Direct materials used 378,000 Indirect materials used 84,000 Direct manufacturing labor 480,000 Indirect manufacturing labor 186,000 Property taxes on manufacturing plant building 28,800 Salespersons' company vehicle costs 12,000 Depreciation of manufacturing equipment 264,000 Depreciation of office equipment 123,600 Miscellaneous plant overhead   135,000 Plant utilities 92,400 General office expenses 305,400 Marketing distribution costs 30,000

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A: Step 1:   Step 2: Step 3: Step 4:

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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.