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Chapter 7 Inventory Key Points About Inventory Inventory Recording Basic Inventory Valuation Methods Alternative Valuation Methods Estimating Inventory Inventory Errors Inventory Categories Defined according to type and nature of the company. Inventory Recording Methods(in Chapter 3) PERIODIC METHOD Exercises: Satelite Trackers sells satellite tracking systems for receiving television broadcasts from satellites in outer space. At December 31, Year 1, the company’s inventory amounted to $22 000. During the first week of January, the company made only one purchase and one sale. These transa