The selling price of each product sold in a furnishing showroom, and the number of units of each of these product sold during a period of one month are given below. The rental cost of the showroom is $225 and the other costs incurred are included in the cost/unit. Product code Price/Unit($) Cost/Unit($) Units AD12 232 162.4 12 FD23 334 233.8 24 BD34 342 239.4 5 AG56 267 186.9 11 ET76 345 241.5 15 FA56 235 164.5 23 DE78 546 382.2 34 BF32 245 171.5 22   Display your use of the SUMPRODUCT function and find the profit earned by the showroom in a month.

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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.