The following are selected operating data for Jackson Company's Blending Department for April 2019. Tinting and packaging operations are carried out subsequently in other departments. Beginning inventory 6,000 units, 60% complete Started and completed 102,000 units   Ending inventory 9,000 units, 30% complete Calculate the equivalent units completed using the weighted average method, assuming that the materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Jackson Company Flow of Units and Equivalent Units Calculation, April 2019         Equivalents Units Where do the units come from? Where do the units go? % Work Done? Direct Materials % Work Done? Conversion Costs Beginning Inventory Answer Completed/Transferred Answer Answer Answer Answer Answer Started Answer Ending Inventory Answer Answer Answer Answer Answer Total Answer Total Answer

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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.