Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 75 units @ $77 10 Sale 61 units 15 Purchase 94 units @ $82 20 Sale 54 units 24 Sale 15 units 30 Purchase 35 units @ $86 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

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A: a) First In, First Out   Purchases Sold Inventory Date Qty Unit cost Total cost Qty Unit cost…

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

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A: Calculate net purchases.

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A:

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A: Question: 1

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.