A company reported the following information for its most recent year of operation: purchases, $107,000; beginning inventory, $23,500; and cost of goods sold, $117,000. How much was the company's ending inventory?

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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.