1) How do accountants keep track of the number of units sold, if they are using the periodic inventory method?

Assume your organization has the following inventory changes during the year: Beginning Inventory 15 units valued at $10,000 each February purchases 13 units at $11,500 each June purchases 20 units at $12,000 each Total Units Used 42 Calculate the value of the ending inventory and the value of the inventory used (the inventory expense) for the year using both the FIFO and the LIFO method of cost-flow.

Explain the four steps in the depreciation process