The following information is taken from the records of Wildlife Florist. The company uses the perpetual inventory system. Date Description Units Units Cost (RM) Dec-01 Opening Inventory 200 20 Dec-05 Sale 108   Dec-06 Purchase 200 18 Dec-12 Purchase 125 17 Dec-13 Sale 300   Dec-19 Purchase 350 21 Dec-29 Purchase 150 18 Dec-30 Sale 400   Required:- a. Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: i. FIFO. ii. Weighted average. b. Assume each unit was sold for RM25. Complete the following partial income statements:   FIFO Weighted Average Sales     Less: Cost of Sales     Gross Profit

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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.