The Constance Corporation's inventory on December 31, 2024, was $134,500 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: Inventory costing $24,500, shipped fo.b. shipping point from a vendor on December 27, 2024, was received by Constance on January 5, 2025. Inventory costing $54,500 was shipped to a customer fo.b, shipping point on December 28, 2024, arrived at the customer's location on January 6, 2025. Inventory costing $30,500 was being held on hand for Jess Company on consignment. Estimated sales returns are 15% of annual sales. Sales revenue was $569,000 with a gross profit ratio of 20% What amount should Constance Corporation report as inventory in its December 31, 2024, balance sheet? Multiple Choice $196,780 O. $172.280 $233,405 $226,780

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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.