The accountant for Dolfin Company prepared the following income statement. The auditor has asked you to use this statement to provide additional information to Dolfin Company on the Final Questions panel.   Dolfin Company Income Statement For the Year Ended December 31, 2020 1 Sales   $316,840.00 2 Expenses:     3 Cost of merchandise sold $215,451.20   4 Selling expenses 41,189.20   5 Administrative expenses 34,852.40   6 Interest expense 275.00   7 Total expenses   291,767.80 8 Net income   $25,072.20         Final Questions     The auditor has asked you to prepare additional information about Dolfin Company’s results for last year. Use the data shown on the income statement in your computations. 1. Compute the operating expenses for Dolfin Company.     2. Compute the gross profit for Dolfin Company.     3. Compute the income from operations for Dolfin Company.

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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.