Dollar Dress Shop’s inventory at cost on January 1 was $82,800. Its retail value was $87,500. During the year, Dollar purchased additional merchandise at a cost of $300,000 with a retail value of $325,000. The net sales at retail for the year were $295,000. Calculate Dollar’s inventory at cost by the retail method.

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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.