Splish Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No.   Quantity   Cost per Unit   Cost to Replace   Estimated Selling Price   Cost of Completion and Disposal   Normal Profit 1320   1,600     $3.97     $3.72     $5.58     $0.43     $1.55   1333   1,300     3.35     2.85     4.34     0.62     0.62   1426   1,200     5.58     4.59     6.20     0.50     1.24   1437   1,400     4.46     3.84     3.97     0.31     1.12   1510   1,100     2.79     2.48     4.03     0.99     0.74   1522   900     3.72     3.35     4.71     0.50     0.62   1573   3,400     2.23     1.98     3.10     0.93     0.62   1626   1,400     5.83     6.45     7.44     0.62     1.24   From the information above, determine the amount of Splish Company inventory. The amount of Splish Company’s inventory

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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.