The Yes Company values its inventory by using the FIFO retail method.. The following information is available for the year 2020: Cost Retail Beg. invy 809,000 1,400,000 Purchases 2,970,000 4,200,000 Freight-in 40,000 Net markups 130,000 Net markdowns 30,000 Sales 4,000,000 Sales discount 75,000 At what amount would Yes Company report as its estimated cost of goods sold under the FIFO retail method?

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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.