Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) Date Units Mar 1 2 3 4 7 17 28 Total Purchases/Transportation-In/ (PurchaseReturns/Discounts) 38 Cost/Unit Brought Forward 33 $ 06.00 97.00 Goods Available for Sale Total $ Cost of Goods Sold/(Returns to Inventory) Units 34 (14) 53 41 Cost/Unit Goods Sold Total $ Units 58 $ Balance in Inventory Avg Cost/Unit 94.00 $ Ending Inventory Total $ 5,452.00

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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.