3 150 10/20 Purchase        250 5 1,250 Available for sale 700 units   $2,800   Sales for the year were 550 units for $5,000 in total.   Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate

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A: Ending inventory means the amount of inventory that an entity has on hand at the end of the period.…

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A:

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A: TRADITIONAL COSTING SYSTEMTraditional System cost analysis is done by product.Under Traditional…

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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.