xercise 2. Perpetual Inventory Record Electronics Equipment  and Much More had an inventory of computers. Using the LIFO method and the perpetual inventory system, the company recorded beginning inventory, purchases, and sales. Determine the cost of merchandise sold and the value of the inventory. Date Detail Quantity (unit cost) May 1 Initial inventory 12 $125 6 Sale 6   8 Purchase 11 110 13 Sale 4   30 Sale 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.