Question

How do I determine the closing value of my inventory?The retail value?Wholesale value?or Cost to replace?

Manufacturing soap, not sure how to calculate closing inventory properly

As per this Canada Revenue Agency (CRA) webpage - Inventory Valuation, you would use either:

The valuation of each item in the inventory at the cost at which it was acquired or its fair market value at the end of the year, whichever is lower.

or

The valuation of the entire inventory at its fair market value at the end of the year.

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