PROBLEM 3 Use both FIFO and WEIGHTED AVE in computing the required balances:                     June 1     Balance                                      800 @ P4.00                   June 3     Issued                                         50                   June 5     Purchased                                 300 @ P4.50                   June 6     Issued                                         250                   June 15   Issued                                         400                   June 18   Purchased                                 300 @ P5.00                   June 25   Issued                                         100   Using FIFO method compute for the cost of: a. Inventory Value b. Materials Issued Using average method compute for the cost of: a.Inventory Value b.Materials Issued

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A:

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A:

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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.