The following information relates to Pharoah Kitchen Ltd's inventory transactions during the month of March. \table[[,,Units,Cost/Unit,Amount],[Mar. 1,Beginning inventory,4,500,$18.00,$81,000 Calculate Pharoah Kitchen's cost of goods sold, gross margin, and ending inventory for the month of March using weighted-average.

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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.