Current Attempt in Progress Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: April 1 3 5 11 15 22 28 Beginning inventory Purchase Sale Purchase Sale Sale Purchase 74 units 52 units 26 units. 26 units 62 units 38 units 48 units Soft Touch uses the periodic inventory system. Cost $43,734 32,708 17,004 32,832 Sales $30,004 79,670 47,386

Select all that apply Determine which of the following statements are correct regarding the difference between physical flow and the cost flow of inventory Check all that apply) A business may adopt any cost flow assumption when accounting for perishable sems Perishable-items Usually have an actual physical flow of FIFO Penshable items neve an actual physical flow of LIFO Cost flow in an assumption about which goods/items are sold Physical flow refers to the actual movement of goods

Please help me with required 1 and 2.

Identify each item as describing the FIFO method, LIFO method, or average cost method of inventory valuation. A. Involves calculating the total number of units in the warehouse FIFO LIFO Average cost B. To determine cost of goods sold, begin with the earliest goods acquired FIFO LIFO Average cost C. To determine merchandise inventory balance, begin with the earliest goods acquired FIFO LIFO Average cost

Which inventory system would have a purchases account? Group of answer choices Perpetual FIFO LIFO Periodic

Really not undertsanding LIFO, thank you ahead of time

Identify four inventory costing methods for assigning cost to ending inventory and cost of goods sold and briefly explain the difference in the methods.

need answer for all requirements or skip/leave if you can't answer all. answer in detail with steps answer in text

Compute costs using four inventory costing methods.