Required: 1. What is the total Inventory amount to be reported in the statement of financial position of BRALIRWA on December 31, 2020? (Show your detailed computations) 2. Carry out any necessary journal entry (if there is) relating to the table above

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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.