The Sherri’s Retail Shop uses the FIFO retail inventory method to determine its ending inventory. The accounting records for the current year for Sherri’s contained the following information:   Cost Retail Purchases $225,000 $362,250 Beginning inventory 55,000 73,000 Sales   385,750 Net markups   32,500 Net markdowns   19,750 Employee discounts   12,500 ​ What is the cost-to-retail percentage to be used for ending inventory calculations?   a.  59.9%   b.  60.0%   c.  62.1%   d.  62.5%

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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.