The following information is available for the Johnson Corporation for 2018:          Beginning inventory $ 32,000   Merchandise purchases (on account)   162,000   Freight charges on purchases (paid in cash)   17,000   Merchandise returned to supplier (for credit)   19,000   Ending inventory   37,000   Sales (on account)   257,000   Cost of merchandise sold   155,000     Record cost of merchandise sold 155,000 Record the end of period adjusting entry. ending inventory $37,000

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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.