4-5 hoursDiscussion1 Perpetual Inventory System (250-350 words)Present a detailed explanation of the recording of purchases under a perpetual inventory system. Use hypothetical figures to illustrate t

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4-5 hours


Discussion1 Perpetual Inventory System (250-350 words)

Present a detailed explanation of the recording of purchases under a perpetual inventory system. Use hypothetical figures to illustrate the perpetual inventory system. After presenting your hypothetical figures, discuss how a perpetual inventory system is different from a periodic inventory system. Your answer should illustrate understanding of the perpetual inventory system.


Discussion 2 Inventory Valuation Methods (250-350 words)

Identify the differences between F.I.F.O., L.I.F.O., and the

average-cost method

of inventory valuation.  Be sure to include the effects of each method on

cost of goods sold

and

net income

in your answer. Also discuss the differences between the physical movement of goods and cost flow assumptions. Your answer should illustrate understanding of the three major inventory valuation methods, and the relationship between physical inventory flow and cost flow assumptions.

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