Presented below are selected account balances for Nash Co. as of December 31, 2025. Inventory 12/31/25 $61,090 Cost of Goods Sold $229,771 Common Stock 74,650 Selling Expenses 15,967 Retained Earnings 45,220 Administrative Expenses 37,979 Dividends 18,288 Income Tax Expense 29,920 Sales Returns and Allowances 12,148 Sales Discounts 14,780 Sales Revenue 416,110 Prepare closing entries for Nash Co. on December 31, 2025. (Credit account titles are automatically indented when 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. Liskall debit entries before credit entries.) No. Account Titles and Explanation Debit Credit 1. Inventory

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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.