FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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…
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Determine the goods and costs included in inventory.

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The cost included in inventory includes all the costs incurred to prepare such inventory for sale.

The costs includes material cost, labor costs, and overhead which is directly related to manufacturing such as payroll expense, freight etc.

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