The following information is available for Integrity Corporation for 2020: 1) Materials inventory decreased P4,000 during 2020. 2) Materials inventory on December 31, 2020, was 50% of materials inventory on January 1, 2020. 3) Beginning work in process inventory was P145,000. 4) Ending finished goods inventory was P65,000. 5) Purchases of direct materials were P154,700. 6) Direct materials used were 2.5 times the cost of direct labor. 7) Total manufacturing costs incurred were P246,400, 80% of cost of goods manufactured and P156,000 less than cost of goods sold. What is the finished goods inventory on January 1, 2020?

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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.