work TB MC Qu. 8-39 (Algo) A company's inventory on December 31, 2024, was... A company's inventory on December 31, 2024, was $338.000 based on a physical count priced at cost, and before any necessary adjustment for the following: Multiple Choice Inventory costing $43.000, shipped fob shipping point from a vendor on December 30, 2024, was received on January 5, 2025. Inventory costing $35,000, shipped fo.b. destination from a vendor on December 28, 2024, was received on January 3, 2025 Inventory costing $51,000 was shipped to a customer fob. destination on December 28, arrived at the customer's location on January 6, 2025 Inventory costing $25,000 was being held on consignment by Traynor Company What amount should the company report as inventory in its December 31, 2024, balance sheet? $406,000 Sed $457.000 CA Cha < Prev 7 of 16 Next

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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.