Tater Company produces tater tots that it packages in one pound bags and sells to vendors around the region. Management is compiling its cost information after August, its second month of operation. July ended with 8,600 packages in inventory that are 35% complete overall. They have started 116,800 packages and completed 84,338 units during the month. Their ending Work-in-Progress (WIP) packages are 79% complete overall for August. What are the equivalent units of production if Tater uses the Weighted-Average method? (Round answer to the nearest unit.) O 116,777 units O 119,787 units O 92,938 units O 125,376 units

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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.