List and briefly explain 3 methods used to calculate inventory shown on the balance sheet at the end of the year using a perpetual inventory system; explain when it is best to use the method and the impact it has on the Balance Sheet and the Income Statement. (6 points)

a. Method:

Best to use when:

Balance Sheet Impact.

Income Statement impact:

b. Method:

Best to use when:

Balance Sheet Impact:

Income Statement impact.

c. Method:

Best to use when.

Balance Sheet Impact:

Income Statement impact:

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The Three Inventory valuation methods are FIFO method First In First OutLIFO MethodLast in First out ... View the full answer