Wolfpack Corp. has the following normal account balances on 12/31/22 before the year-end adjustment to convert the cost of its inventory to LIFO using the DVL method. Inventory (at FIFO costs) - $700,000 Debit Lifo reserve - 25,000 credit At the end of 2022, Wolfpack computes the cost of its ending inventory to be $680,000 when using the DVL method. In the journal below, prepare the year-end entry to adjust inventory.

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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.