Question 9 Presented below is information related to Kuchinsky Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales Cost Retail €200,000 €280,000 1,425,000 2,140,000 Inventory 95,000 15,000 35,000 5,000 2,250,000 Compute the inventory by the conventional retail inventory method. (Round answer to 0 decimal places, e.g. 5,275.)

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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.