Okaboji Manufacturing Company reported the following materials data for the month ending November 30:Materials purchased                                   $490,900Materials inventory, November                  1 64,900Materials inventory, November                     30 81,300Determine the cost of direct materials used in production by Okaboji during the month ended November 30.

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Q: Give me 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.