Chapter 8
Inventory Valuation
248
a) Using FIFO, prepare the inventory record to show the closing inventory balance
Date
Purchases
Sales
Balance
Quantity Unit Cost Value Quantity Unit Cost Value Quantity Unit Cost Value
Ending Inventory
b) Multistep income statement showing sales revenue, cost of goods sold, and gross profit—using
information from part a)
c) Using the weighted-average cost method, prepare the inventory record to show the closing
inventory balance
Date
Purchases
Sales
Balance
Quantity Unit Cost Value Quantity Unit Cost Value Quantity Unit Cost Value
Ending Inventory
d) Multistep income statement showing sales revenue, cost of goods sold, and gross profit—using
information from part c)
