Describe the four $(4)$ general inventory costing methods.$$

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Describe the $$perpetual inventory$$ method. Describe the journal entry required when a sale is made using the $$perpetual inventory$$ method.$$

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If a company has four $(4)$ lots of products for sale, purchase $1($earliest$)$ for $$17,$ purchase $2($middle$)$ for $$15,$ purchase $3($middle$)$ for $$12,$ and purchase $4($latest$)$ for $$14,$ which cost would be assumed to be sold first using LIFO costing?$$

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Describe the effect$($s$)$ of inflationary and deflationary cycles on the valuation of merchandise inventory $($Balance Sheet$)$ and cost of goods sold $($Income Statement$)$

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