Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.     2019   2020   2021 Sales revenue   $290,220   $     $406,640 Sales returns and allowances   (10,120)   (13,630)     Net sales       347,802     Beginning inventory   21,500   30,300     Ending inventory             Purchases       258,310   297,477 Purchase returns and allowances   (5,090)   (7,370)   (10,330) Freight-in   8,390   8,240   11,340 Cost of goods sold   (230,540)       (295,670) Gross profit on sales   49,560   93,400   89,130

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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.