Mirabel Company has an old equipment that cost P700,000 with an accumulated depreciation of P400,000. The equipment was traded in for a new machine that had a list price of P800,000.  However, the new machine could be purchased without trade in for P780,000 cash. Mirabel paid P500,000 cash in the exchange.  At how much should Mirabel record the newly acquired machine

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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.