The following is a list of inventory items for Ducard Company on April 30. Item Quantity Unit Cost When Acquired Net Realizable Value Shoes 12 $ 42.00 $ 64.00 Sunglasses 23 28.00 35.00 Umbrellas 15 18.00 12.00 T-Shirts 17 8.00 8.00 Hats 28 12.00 10.00 Sandals 9 15.00 19.00 Boots 14 48.00 35.00 Keychains 35 $ 3.00 $ 5.00 Required Determine the current value of the Inventory. Use the lower of Cost or Net Realizable Value (NRV) to determine the value of inventory. Create a journal entry to mark down the inventory.

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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.