Ay 1 Fill in the missing amounts from the following chart regarding the estimation of Bean Corporation’s inventory using the retail method. Round ratio of cost to retail price to nearest whole percent. Line Item Description Percent Cost Retail Inventory, October 1 $13,687 $19,553 Purchases for October (net) fill in the blank 1 98,344 Merchandise available for sale $82,528 $fill in the blank 2 Ratio of cost to retail price: fill in the blank 3 % Sales for October fill in the blank 4

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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.