Near the end of 2007, Wilson Co. made the following purchases. The months involved in all cases are December 2007 and January 2008. Amount FOB Date Goods  Shipped Date  Invoice Mailed Date  Goods Rec'd Date  Invoice Rec'd $1,875 Destination 12/29 1/2 1/5 1/4 2,430 Shipping Point 1/2 12/29 1/4 12/30 1,690 Shipping point 12/28 1/2 1/3 1/4 2,700 Destination 12/29 12/27 12/31 12/28 What amount of the above purchases should be included in inventory at December 31, 2007? a. $4,390 b. $1,690 c. $6,265 d. $3,565

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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.