Robotics Corporation uses a periodic inventory system and the retail inw records provided the following information for the 2024 fiscal year: Beginning inventory Net purchases Freight-in Net markups Net markdowns Normal spoilage Sales Cost $ 255,000 656,000 28,400 Retail $ 470,000 1,215,000 23,000 11,000 8,000 1,370,000 The company records sales to employees net of discount

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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.