The following data concerning the conventional retail inventory method are taken from the financial records of Sheridan Company. Beginning inventory Purchases Freight-in Net markups Net markdowns Sales Cost $194000 $284000 Retail 902000 1180000 24800 The ending inventory at retail should be 80700 56700 1344000

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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.