Steger & Company has the following average times (in minutes): Inspecting product Manufacturing product Storing inventory Transporting product 1.10 3.10 2.80 5.70 Required: Calculate the manufacturing cycle efficiency. Note: Do not round intermediate calculations. Round your final answer to the nearest whole percent. Manufacturing cycle efficiency %

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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.