Using NRV method, calculate the value of ending inventory for corn syrup and gross margin for corn starch.

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A: The adjusting entry will be passed as follows

Q: advantages of financial accounting

A: Answer are as follows

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A: Proceeds from sale of long term investment = 1,440 - 1,300 + 80  = 220

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A: Accounting is the recording, classifying, analyzing and interpreting of financial transactions…

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A: Double-entry accounting (Double-entry book-keeping): This is a system of accounting where a…

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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.