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If 116,500 pounds of raw materials are needed to meet production in August, what is the estimated raw materials inventory balance at the end of July?

Answer :

Inventory Balance denotes the monetary amount of the Inventory as of the measurement date, based on the Seller's or one or more of its Affiliates' standard costs as described above for the purposes of such measurement.

Explain about the inventory balance?

On a company's balance sheet, inventory is listed as a current asset and acts as a stopgap between order fulfilment and production. When an item in inventory is sold, its carrying cost is transferred to the income statement's cost of goods sold (COGS) category.

When accounting for inventory through financial reporting, proper inventory valuation is crucial. Inventory inconsistencies will have an influence on financial statements like balance sheets, income statements, and statements of retained earnings if inventory is not valued appropriately.

All the goods, merchandise, and supplies that a company keeps on hand in anticipation of selling them for a profit are referred to as inventory. Example: Only the newspaper will be regarded as inventory if a newspaper vendor utilizes a vehicle to distribute newspapers to clients. The car will be considered an asset.

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