Please show working and calculations in answers Calculate the value of “Ending Inventory” based on the following information: “Beginning Inventory” = $700 Purchases = $300 Cost of sales = $800  Based on your answer to the previous question, what is the gross profit and gross profit margin if the sales are $1000?

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A: VALUATION OF INVENTORY Inventory Valuation is a Method of Calculation of Value of Inventory at the…

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A: INVENTORY VALUATIONInventory Valuation is a method of calculation of value of inventory at the end…

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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.