Regardless of the inventory costing system used, cost of goods available for the sale must be allocated at the end of the period between ending inventory and opening inventory
Inventory, often known as stock, refers to the items and supplies that a company keeps for the purpose of resale, manufacturing, or use. Inventory management is largely concerned with establishing the shape and positioning of stocked products.
There are four forms of inventory: raw materials/components, work in progress (WIP), finished items, and maintenance and repair (MRO).
Inventory valuation systems include FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost).
Inventory refers to a company's ready-to-sell goods and products, as well as the raw materials utilized to manufacture them. Inventory can be divided into three categories: raw materials, work-in-progress, and finished goods.
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