Tamarisk Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Tamarisk produces the paint in its mixing department and then transfers the paint to the canning department. The following information is presented for the canning department in March, recognizing that the company adds its conversion costs evenly throughout the process. One unit is one gallon of paint. Units in beginning WIP Inventory Beginning WIP Inventory degree of completion Costs in beginning WIP Inventory New units started Costs added to WIP Inventory this period Units completed Units in ending WIP Inventory Ending WIP Inventory degree of completion Units 1.800. 46,000 46.700 1,100 Transferred In 100% $13,540 DM 100% 100% $1.880 $395.600 $58.370 0% Conversion Costs 60% $1,720 $87,305 30%

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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.