Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are shown. Date Beginning Inventory and Purchases Sales   Units Cost/Unit Units April 1 (BI) 100 $4.10      100 4.70     200 4.80   April 20 400 5.40   April 30     650   BI: Beginning Inventory Required: Calculate the total amount to be assigned to cost of goods sold for April and the ending inventory on April 30, under each of the following methods. In your calculations round the average unit cost to the nearest cent and answers to the nearest dollar.   Cost of Goods Sold Inventory on Hand 1.  Perpetual LIFO inventory method $fill in the blank 1 $fill in the blank 2 2.  Perpetual moving-average inventory method $fill in the blank 3

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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.