Telamark Company uses the moving weighted average method for inventory costing. The following incomplete inventory sheet regarding Product W506 is available for the month of March 2020. Complete the inventory sheet. (Image 1 attached) Note: March 4 reflects a return made by a customer of incorrect items shipped on March 3; these items were returned to inventory. 2. Analysis Component: The gross profit realized on the sale of Product W506 during February 2020 was 39.19%. The selling price was $166 during both February and March. Calculate the gross profit ratio for Product W506 for March 2020 and determine whether the change is favorable or unfavorable from February. (Round your intermediate calculations and final answer to 2 decimal places.) Gross Profit Ratio =?

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A:

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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.