Present a detailed explanation of the recording of purchases under a 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
2.} 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.

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