Columbia Corporation produces a single product. The company's variable costing income statement for November appears below: Columbia Corporation Income Statement For the Month ended November 30 Sales ($22 per unit) $ 902,000 Variable expenses: Variable cost of goods sold 574,000 Variable selling expense 123,000 Total variable expenses 697,000 Contribution margin 205,000 Fixed expenses: Manufacturing 106,680 Selling and administrative 71,120 Total fixed expenses 177,800 Net operating income $ 27,200 During November, 35,560 units were manufactured and 8,770 units were in beginning inventory. Variable production costs per unit, total fixed manufacturing expenses, and the number of units produced were the same in prior months. The value of the company's inventory on November 30 under absorption costing would be: rev: 06_25_2019_QC_CS-171749 Multiple Choice $46,620 $66,600 $56,610 $71,600

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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.