K L M N 0 P Remaining Inventory $ Balance B C D E F G H I 1 Problem 1 - Complete the Inventory Valuation Computation Schedule using the FIFO Perpetual Method, compute the LIFO amounts, 2 and then compare the two by filing in this worksheet. See expample in Week 7 Zoom Meeting. 3 4 FIFO Perpetual Method Inventory Purchased Cost of Goods Units In 5 Date Units Unit Cost Units Sold Unit Cost Sold Stock Unit Costs 6 June 1 500 $10 7 Balance 8 June 4 200 $12 9 10 Balance 11 June 6 230 12 13 Balance 14 June 18 300 $16 Inventory Debits Credits purchases amounts expensed to COGS balance in 15 inventory 270 160 16 17 Balance 18 June 26 19 20 21 Balance 22 23 Summarize the information in the schedule. 24 25 Units 26 Total Purchased 27 Less Total Sold 28 Inventory In Stock Bal. Sheet COGS Net Income If using LIFO Diff. /Effect FIFO Amount 30 31 Compute the LIFO ending inventory balance using the periodic method. 32 LIFO Inventory COGS 33 Units Price Amount Amount 34 35 26