The ABC Boutique had the following information at June 30, 20X1:     Purchases, P180,000     Inventory, June 1, P8,000     Purchase returns, P2,000     Freight in, P4,000     Sales, P250,000     Sales discount, P20,000     If the gross profit is 25% of cost of sales. How much is the inventory at June 30?   a. 6,000 b. 10,000 c. 17,500 d. 18,000

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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.