E2-8 LIFO costing Using last-in, first-out perpetual inventory costing and the information presented in E2-7, compute the cost of materials used and the cost of the July 31 inventory. Information on E2-7 July 1 Balance on hand, 1,000 yd of linen @ $4.00 each.        3 Issued 250 yd.        5 Received 500 yd @ $4.50 each.        6 Issued 150 yd.       10 Issued 110 yd.       11 Factory returned 10 yd, which were issued on the 10th, to the            storeroom.       15 Received 500 yd @ $5.00 each.       20 Returned 300 yd to the vendor from the July 15 purchase.       26 Issued 600 yd

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.