Travis Company purchased merchandise on December 26 on account from a supplier for $7,500, terms 2/10, net 30. Travis Company paid for the merchandise on December 31, with the discount period Required: Under a perpetual inventory system, journalize the entries required for these transactions. Refer to the Chart of Accounts for exact wording of account titles

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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.