On January 13, 2025, Cullumber Corporation discovered that goods in transit of $113,025 with terms FOB shipping point were not included in the inventory count at the December 31, 2023 year-end. The goods were shipped on December 29, 2023 and received by Cullumber on January 10, 2024. Prepare any correcting journal entry required, assuming Cullumber uses a periodic inventory system, the books are closed for 2024 and ignore any income tax effects. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

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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.