Using the following information, what is Beta's beginning inventory? Ending inventory $ 400 Purchase returns & allowances........ 140 Operating expenses ..700 . 100 100 ... 400 3,500 . 400 ...60 1,700 Sales discounts ...... Income tax expense.. Net income.. Sales ...... Sales returns & allowances.. Purchase discounts ...... Purchases.... Group of answer choices $500 $700 $800 $900 The correct answer is not listed.

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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.