On September 28, 2019, a fire destroyed the entire merchandise inventory of the Alfonso Corporation. The following information is available: Sales, January 1 – September 28 2019 P 540,000 Inventory, January 1, 2019 P 150,000 Merchandise purchases, January 1 – September 28, 2019 (including P60,000 of goods in transit on September 28, 2019, shipped FOB Shipping point) P 465,000 Markup percentage on cost 20% What is the estimated inventory on September 28, 2019 immediately prior to the fire?

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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.