Oriole Corporation had the following amounts, all at retail: Beginning inventory $3900 Purchase returns 6300 Abnormal shortage 4300 Sales 80000 Employee discounts 1750 Purchases O $51900 O $53650 O $54450 O $50150 Net markups Net markdowns Sales returns Normal shortage What is Oriole's ending inventory at retail? $123000 19500 3100 1950 2750

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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.