Watson Corporation has provided the following data concerning its finished goods inventories last month:   Beginning finished goods inventory.......$110,000 Cost of goods manufactured.......$760,000 Ending finished goods inventory.......$70,000   The cost of goods sold for the month for Watson Corporation was  $800,000   $280,000   $110,000   $720,000   $950,000

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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.