Selected nominal account balances of Seneca Products Corporation as of December 31, 2010 were as follows:   Direct Labor……………………………………………..$362,000 Direct Materials Purchases……………………………… 479,000 Manufacturing (factory) Overhead……………………… 145,000     Inventory Balances were as follows:                                                                                     January 1                     December 31 Work In Process                                                          $12,100                         $11,900 Direct Materials                                                             27,800                           26,200   prepare in proper form the SCHEDULE OF COST OF GOODS MANUFACTURED for the year ending December 31, 20CY

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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.