The table shows the balances and transactions that ABC Company had during 2009. Using the information in the table, What would the company's inventory amount be on the December 31, 2009 balance sheet if the perpetual First-in, First-out method is used? (Answers are rounded to the nearest dollar.)

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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.