The following data concerning the retail inventory method are taken from the financial records of Sandhill Company. Beginning inventory Purchases Freight-in Net markups Net markdowns Sales O $173,229 O $205.000 $299.987 Cost O$267.872 $205,000 898,000 24,600 111 Retail $271,000 1,240,000 78,900 56,900 Assuming no change in the price level if the LIFO retail inventory method were used in conjunction with the data, the ending inventory at cost would be (round intermediate calculations to 5 decimal places) 1,176,000

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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.