Record the transactions using FIFO inventory valuation method: Units Cost per Unit Inventory @ Cost Cost of Goods Sold Inventory on Hand Example: On Jan. 1, Riumbau Piano Co. purchased 3 baby grand pianos @ $31,000 each. $ 31,000 $ 124,000 124,000 Example: on Jan. 2, Riumbau Piano Co. sold 1 baby grand piano. (31,000) $ 93,000 Example: On Jan. 3, Riumbau Piano Co. purchased 2 baby grand pianos @ $32,000 each. $ 32,000 $ 64,000 157,000 Example: On Jan. 4, Riumbau Piano Co. sold 1 baby grand piano. (31,000) 126,000 On Jan. 6, Riumbau Piano Co. purchased 2 baby grand pianos @ $34,000 each. On Jan. 7, Riumbau Piano Co. sells 2 baby grand pianos. 3. Ton January 10, Riumbau Co. purchased 3 baby grand piano @ $36,000. On Jan. 13, Riumbau Co. sells 4 baby grand pianos. $ 188,000 $ (62,000) $ . 5. Totals Record the transactions using LIFO inventory valuation method: Units Cost per Unit Inventory @ Cost Cost of Goods Sold Inventory on Hand Example: On Jan. 1, Riumbau Piano Co. purchased 3 baby grand pianos @ $31,000 each. 31,000 $ 124,000 $ 124,000 Example: On Jan. 2, Riumbau Piano Co. sold 1 baby grand piano. (31,000) $ 93,000 Example: On Jan. 3, Riumbau Piano Co. purchased 2 baby grand pianos @ $32,000 each. 32,000 $ 64,000 157,000 Example: On Jan. 4, Riumbau Piano Co. sold 1 baby grand piano. (32,000) 125,000 On Jan. 6, Riumbau Piano Co. purchased 2 baby grand pianos @ $34,000 each. On Jan. 7, Riumbau Piano Co. sells 2 baby grand pianos. On January 10, Riumbau Co. purchased 3 baby grand piano @ $36,000. On Jan. 13, Riumbau Co. sells 4 baby grand pianos. 4 Totals $ 188,000$ (63,000) $ . Record the transactions using Weighted Average inventory valuation method: Units Cost per Unit Inventory @ Cost Weighted Average Unit Cost Cost of Goods Sold Inventory on Hand @ Weighted Average Example: On Jan. 1, Riumbau Piano Co. purchased 3 baby grand pianos @ $31,000 each. 31,000 $ 124,000 $ 31,000 124,000 Example: On Jan. 2, Riumbau Piano Co. sold 1 baby grand piano. (31,000) 93,000 Example: On Jan. 3, Riumbau Piano Co. purchased 2 baby grand pianos @ $32,000 each. 32,000 $ 64,000 $ 31,400 157,000 Example: On Jan. 4, Riumbau Piano Co. sold 1 baby grand piano. $ (31,400) 125,600 1. On Jan. 6, Riumbau Piano Co. purchased 2 baby grand pianos @ $34,000 each. On Jan. 7, Riumbau Piano Co. sells 2 baby grand pianos. On January 10, Riumbau Co. purchased 3 baby grand piano @ $36,000. On Jan. 13, Riumbau Co. sells 4 baby grand pianos. $ 188,000 Totals (62,400)