27 4B) On April 25, 2022, the firm sold 360 units at £18,9 per unit. Assuming that the firm uses the perpetual inventory system, compare what the closing balance inventory would "contain" if the firms used either FIFO or LIFO. LIFO: fill in the correct number of units remaining in closing inventory, and the total cost, for each acquisition date after the firm sold the 360 units. Do not use minus in your answers Date April 2 April 8 April 18 April 24 Number of units Total cost

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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.