Complete the following subsidiary inventory ledger using the perpetual FIFO method of inventory flow. Inventory Valuation Perpetual FIFO Date Purchased Units Unit Cost Units Sold Unit Cost Inventory Units Balance Unit Costs Inventory Dollar Balance July 2 600 $12     fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Bal.             $fill in the blank 4 July 5 200 $13     fill in the blank 5 $fill in the blank 6 $fill in the blank 7           fill in the blank 8 $fill in the blank 9 $fill in the blank 10 Bal.             $fill in the blank 11 July 7     300 $fill in the blank 12 fill in the blank 13 $fill in the blank 14 $fill in the blank 15           fill in the blank 16 $fill in the blank 17 $fill in the blank 18 Bal.             $fill in the blank 19 July 10 325 $14     fill in the blank 20 $fill in the blank 21 $fill in the blank 22           fill in the blank 23 $fill in the blank 24 $fill in the blank 25           fill in the blank 26 $fill in the blank 27 $fill in the blank 28 Bal.             $fill in the blank 29 July 12     300 $fill in the blank 30 fill in the blank 31 $fill in the blank 32 $fill in the blank 33       150 $fill in the blank 34 fill in the blank 35 $fill in the blank 36 $fill in the blank 37 Bal.             $fill in the blank 38 July 18 250 $13     fill in the blank 39 $fill in the blank 40 $fill in the blank 41           fill in the blank 42 $fill in the blank 43 $fill in the blank 44           fill in the blank 45 $fill in the blank 46 $fill in the blank 47 Bal.             $fill in the blank 48 July 22     50 $fill in the blank 49 fill in the blank 50 $fill in the blank 51 $fill in the blank 52       205 $fill in the blank 53 fill in the blank 54 $fill in the blank 55 $fill in the blank 56 Bal.             $fill in the blank 57 July 25     120 $fill in the blank 58 fill in the blank 59 $fill in the blank 60 $fill in the blank 61       180 $fill in the blank 62       Bal.             $fill in the blank 63 July 28 330 $15     fill in the blank 64 $fill in the blank 65 $fill in the blank 66           fill in the blank 67 $fill in the blank 68 $fill in the blank 69 Bal.             $fill in the blank 70 July 31     70 $fill in the blank 71 fill in the blank 72 $fill in the blank 73 $fill in the blank 74       5 $fill in the blank 75       End Bal.     FIFO INVENTORY VALUATION:

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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.