During the last quarter of the year, Jack Trading Company included Product X among the product lines it carries and sells. During the period, the following transactions related to Product X were made: Purchase 100 units @ Php 100 Sale 90 units @ Php 150 Purchase 150 units @ Php 120 Sale 120 units @ Php 180 Purchase 60 units @ Php 150 A. Assuming Jack Trading Company uses perpetual inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 1. FIFO 2. LIFO 3. Average

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A: Those units are sold first which have been purchased first.

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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.