Using the following information, determine the cost of merchandise sold. $28,581 Selling expenses 5,575 Merchandise inventory, September 30 Purchases Merchandise inventory, September 1 Administrative expenses Rent revenue a. $34,156 Ob. $43,512 OC. $24,800 Od. $5,575 985 764 Sales Interest expense $840 9,356 46,314 838

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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.