Royal traders LLC accounting records shows the following for the year ending on 31 December 2019, Purchase Discounts RO 2,800, Purchases RO 150,000, Transportation in RO 150. Ending Inventory (Counted) RO 14,400, Purchase Returns 3,200. The value of Net Cost of Purchases assuming that the business does not have any beginning merchandise inventory a. RO 144,000 b. RO 143,350 c. RO 144,150 d. RO 129,750

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A:

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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.