Presented below is information related to Concord Company. Beginning inventory Purchases Markups Cost $224,728 Retail $281,000 1,385,000 2,156,000 93,800

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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.