Serene Corporation, an auto parts retailer, had 22,000 units of brake calipers on hand at the end of 2022. The company's inventory policy is to maintain an ending inventory equal to 20% of the current year's sales. During 2023, Serene sold 260,000 units of calipers. How many units did Serene purchase in 2023?

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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.