Delmar Industries uses the perpetual inventory method in accounting for inventory. Prepare the necessary adjusting entry for each of the following independent cases using the cost of goods sold account. If an amount box does not require an entry, leave it blank. Case 1         Physical count as of April 30   $43,100     Perpetual inventory records as of April 30   41,800Page: 1   DATE DESCRIPTION POST. REF. DEBIT CREDIT   1 Apr. 30     fill in the blank 996475f7500b045_2 fill in the blank 996475f7500b045_3 1 2       fill in the blank 996475f7500b045_5 fill in the blank 996475f7500b045_6 2 If an amount box does not require an entry, leave it blank. Case 2         Physical count as of April 30   $37,800     Perpetual inventory records as of April 30   38,300Page: 1   DATE DESCRIPTION POST. REF. DEBIT CREDIT   1 Apr. 30     fill in the blank 1d5723fa6fc5064_2 fill in the blank 1d5723fa6fc5064_3 1 2       fill in the blank 1d5723fa6fc5064_5 fill in the blank 1d5723fa6fc5064_6 2

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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.