Peete Company identifies the following items for possible inclusion in the physical inventory.Indicate whether each item should be included or excluded from the inventory taking. (a)   900 units of inventory shipped on consignment by Peete to another company.   Select between included or excluded from the inventory taking                                                           IncludedExcluded           (b)   3,000 units of inventory in transit from a supplier shipped FOB destination.   Select between included or excluded from the inventory taking                                                           ExcludedIncluded           (c)   1,200 units of inventory sold but being held for customer pickup.   Select between included or excluded from the inventory taking                                                           IncludedExcluded           (d)   500 units of inventory held on consignment from another company.

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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.