Stacie's Shoes uses the FIFO retail inventory method to determine its ending inventory. The accounting records for Stacie's Shoes contained the following information: Cost Retail Purchases $242,000 $348,830 Sales 394,000 Sales returns 5,076 Beginning inventory 60,500 107,294 Net markups 32,800 Net markdowns 12,000 The freight-in charges for the merchandise were $7,500. What is the cost of ending inventory for Stacie's Shoes? $61,281 $57,200 $59,400 $55,792

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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.