Clarabell Inc. uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $129,000 436,000 Retail $220,000 737,000 60,000 26,000 702,000 To the nearest thousand, estimated ending inventory using the conventional retail method is: (Do not round intermediate calculations.)

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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.