Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your Intermediate and final answers to 2 decimal places.) 23 Date Units Cost/Unit Mar. 1 Brought Forward 35 $ 4 7 17 28 moving weighted average Totals 40 Purchases/Transportation-In/ (PurchaseReturns/Discounts) 96.00 97.00 Goods Available for Sale Total $ Cost of Goods Sold/(Returns to Inventory) Units 22 (2) 65 43 Cost/Unit Goods Sold costing. Total $ Units 60 $ Balance in Inventory Avg Cost/Unit Ending Inventory 94.00 $ Total $ 5,640.00

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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.