Mignon Company’s Number of Days’ Sales in Inventory is 30 days (assume 360 days in a year). The company’s cost beginning inventory was $10,000, and its cost of goods sold is $150,000. Determine the company’s cost of ending inventory. $5,000 $7,500 $15,000 Cannot be determined based on information provided Answer is= 15,000 how do you get to this answer?

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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.