Q: Find out the following missing values Purchase price of the inventory Rs=1,200,000, + Freight-in Rs=8,000, Purchase returns Rs= 50,000, Purchase allowances Rs=10,000, Purchase discounts Rs= 28,000.Net purchases of inventory? Cost of Purchases Rs=15000, Cost of Goods available for sales Rs= 25000, Cost of beginning inventory Rs=? Cost of Goods available for sales Rs= 50,000, Cost of Goods sold Rs= 43000, Cost of Ending inventory Rs=? Sales Rs= 10,000, Gross Profit Rs= 3,000, Cost of Goods Sold Rs=? Gross profit Rs= 5,000, Gross Profit Percentage= 20%, Sales/Sales Revenue Rs=?

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Q: COGS

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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.