Determining Amounts for Items Omitted from Income Statement An item has been omitted in each of the following four lists of income statement data. Determine the missing amount.     Chase Company Jessup Inc. Osterman Company Snyder Co. Sales   $480,200 $fill in the blank 1 $1,157,000 $fill in the blank 2 Cost of goods sold $fill in the blank 3 $416,800 $fill in the blank 4 $418,200 Gross profit   $81,000 $284,000 $285,100 $278,700

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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.