E2-7 FIFO COSTING Using first-in, first-out perpetual inventory costing and the following information, determine the cost of materials used and the cost of the July 31 inventory: July 1 Balance on hand, 960 yd of linen @ $3.65 each. 3 Issued 192 yd. 5 Received 480 yd @ $4.56 each. 6 Issued 120 yd. 10 Issued 96 yd. 11 Factory returned 18 yd, which were issued on the 10th, to the storeroom. 15 Received 576 yd @ $5.05 each. 20 Returned 336 yd to the vendor from the July 15 purchase. 26 Issued 672 yd. E2-8 LIFO costing -Using last-in, first-out perpetual inventory costing and the information presented in E2-7, compute the cost of materials used and the cost of the July 31 inventory

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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.