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Book inventory refers to the inventory quantity and value recorded in the books of accounts or inventory records of a retail organisation. It represents the stock that, according to the retailer’s records, should be available at a particular point in time. Book inventory is generally calculated by taking the opening inventory and adding purchases and other additions to stock, while deducting sales, returns, shortages, damages, and other reductions. It is an important tool for controlling merchandise, evaluating stock performance, preparing financial statements, and identifying differences between the recorded stock and the physical stock available in the store. In retailing, inventory consists of merchandise purchased for resale. Since retailers normally handle a large number of products with different costs and selling prices, maintaining an accurate record of inventory is essential. Book inventory provides a continuous picture of the expected stock position. For example, if a retailer starts the month with merchandise worth ₹5,00,000, purchases merchandise worth ₹3,00,000 and records sales at cost of ₹4,00,000, the expected closing book inventory would be ₹4,00,000, assuming there are no other adjustments. Physical stock may later be counted to determine whether the actual inventory agrees with the book inventory. The retail method of inventory valuation is a technique used by _______ ___ __________ ___ _______ ____ __________ ________.
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