Question Assume that the business in exercise 7-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Inventory: May 1 = 1550 units at $44 Purchases: May 10 = 720 Units at $45 May 20 = 1200 units at $48 Sales: May 12 = 1200 units May 14 = 830 units May 31 = 1000 units

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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.