Question 2: Harold Co. reported the following current-year purchases and sales data for its only product. Jan. 1 Beginning inventory 100 units @ $10 per unit Jan. 10 Sales 90 units @ $40 per unit Mar. 14 Purchase 250 units @ $15 per unit Mar. 15 Sales 140 units @ $40 per unit July 30 Purchase 400 units @ $20 per unit Oct. 5 Sales 300 units @ $40 per unit Oct. 26 Purchase 600 units @ $25 per unit Harold uses a perpetual inventory system. Required a. Determine the costs assigned to ending inventory and to cost of goods sold using moving average costing. b. Compute the gross margin for each method.

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A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

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Q: .25 per unit 9 Sal

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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.