Week 3 Discussions and Required Resources Part 1 and Part 2 must be at least 200 words Part 1: Perpetual Inventory System 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. Part 2: Inventory Valuation Methods 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. Required Resource Text Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2016). Financial accounting: Tools for business decision making (8th ed.). Retrieved from https://content.ashford.edu/ Chapter 5: Merchandising Operations and the Multiple-Step Income Statement Chapter 6: Reporting and Analyzing Inventory (Chapters 5 & 6 are in the attachments) Recommended Resources Article Bloom, R., & Cenker, W. J. (2008, December 31). The death of LIFO?. Journal of Accounting. Retrieved from http://www.journalofaccountancy.com/issues/2009/jan/deathoflifo.htm Website Textbook Student Companion Site . http://bcs.wiley.com/he-bcs/Books?action=index&itemId=1118953908&bcsId=9831 Review the PowerPoint presentations for Chapter 5 and Chapter 6 found on the textbook publisher’s website. (Chapters 5 & 6 PowerPoints are in the attachments)
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