Sheridan Company's accounting records show the following at the year ending on December 31, 2022: Purchase Discounts Freight-In Purchases Beginning Inventory Ending Inventory Purchase Returns $ 11400 O $403100. O $383300. O $411300. O $393200. 15200 401400 47600 57500 12000 Using the periodic system, the cost of goods sold is

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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.