Using the following information, what is the cost of goods sold? Purchases $32,282   Selling expense $955 Inventory, September 1 7,698   Inventory, September 30 2,640 Administrative expense 525   Sales 52,858 Rent revenue 1,044   Interest expense 893 a.$893 b.$31,176 c.$37,340 d.$14,993

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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.