The Toso Company uses the retail inventory method. The following information is available for the year ended December 31, 2024: Cost Retail Inventory 1/1/2024 $ 390,000 $ 650,000 Net purchases for the year 1,402,000 1,835,000 Net markups 75,000 Net markdowns 45,000 Net sales 1,845,000 Applying the average cost retail inventory method, Toso's inventory at December 31, 2024, is estimated at:

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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.