Alt Ctri ACCOUNTING 3313 Chapter 8 Inventory Valuation in Both a Perpetual and Periodic Inventory System Exercise l: Inventory Valuation in a Perpetual Inventory System Part A: Explain conceptually how to compute the cost of goods sold and remaining inventory u each of the following assumptions: 1) FIFO costing in a perpetual inventory system 2) LIFO costing in a perpetual inventory system 3) Avcrge costing in erotual iventory ystem The Wright Company recorded the following inventory information during the month of October: UNITS | UNIT TOTAL I UNITS ON COST COST S1.00 $2,000 HAND 2,000 3,200 1.700 Balance on October 1 Purchased on October 8 Sold on October 20 Purchased on October 22 Sold on October 28 Purchase on October 29 2,000 200 $3.00 1,500 2,000 $4.00 $8.0 3,700 1,500 2,500 1,000 $5.00 $5,000 Part B: Using the partially computed tables on the next three pages, compute the cost of goods sold and the cost of the 2,500 units in ending inventory under each of the assumptions given above