Question Two :   Reineman Supply Company uses a periodic inventory system. During September, the following transactions and events occurred. Sept.3       Purchased 90 backpacks at $25 each from Zuzu Company, terms 2/10, n/30. Sept.6       Received credit of $150 for the return of 6 backpacks purchased on Sept. 3 that were defective. Sept.9       Sold 15 backpacks for $42 each to Bailey Books, terms 2/10, n/30. Sept.13     Paid Zuzu Company in full. Sept.19     Received payments from Bailey Books.   Instructions Journalize the September transactions for Reineman Supply Company.

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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.