The Kwik Company's inventory balance on December 31, 2024, was $195,000 (based on a 12/31/2024 physical count) before considering the following transactions: 1. Goods shipped to Kwik f.o.b. destination on December 20, 2024, were received on January 4, 2025. The invoice cost was $36,000. 2. Goods shipped to Kwik f.o.b. shipping point on December 28, 2024, were received on January 5, 2025. The invoice cost was $23,000. 3. Goods shipped from Kwik to a customer f.o.b. destination on December 27, 2024, were received by the customer on January 3, 2025. The sales price was $46,000 and the inventory cost $28,000. 4. Goods shipped from Kwik to a customer f.o.b. destination on December 26, 2024, were received by the customer on December 30, 2024. The sales price was $26,000 and the inventory cost $19,000. 5. Goods shipped from Kwik to a customer f.o.b. shipping point on December 28, 2024, were received by the customer on January 4, 2025. The sales price was $31,000 and the inventory cost $18,000. Required: Determine the correct inventory amount to be reported in Kwik's 2024 balance sheet

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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.