mpany Purchases September 1 (balance on hand) 12 16 22 26 300 200 300 300 5000 300 $11.40 11.50 11.65 11.70 11.70 11.80 Sales (2) September 4 17 27 30 400 600 300 200 Compute the inventory at September 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round average cost per unit to 2 decimal places, eg 2.76 and final answers to O decimal places, e.g. 6.548.) (3)

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…