Mar 31, 2015 · Calculation of Gross Profit (Perpetual): To calculate gross profit (perpetual) and gross profit (periodic), we take calculated inventories of FIFO from First in First out Method page and AVCO inventories from Weighted Average Cost Method page. The first-in, first-out or FIFO inventory method is widely used in accounting to calculate cost of goods sold and ending inventory. The FIFO method assumes that inventories are assigned to the cost of goods sold in the order they entered the stock. Calculate FIFO and LIFO using perpetual and periodic inventory methods Perpetual & Periodic Inventory System LIFO, FIFO, Average cost; Perioidic and Perpetual Methods Cushing Inc: Cost-flow assumptions, FIFO and LIFO using periodic and perpetual systems Jones Company W5-1 Journalize Perpetual Inventory Entries Stillwater Inc.: Inventory Costing ... FIFO Calculator Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: 300 units at $8 175 units 375 units at $10 280 units Oct. 1 Inventory 13 Sale 22 Purchase 29 Sale Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. FIFO inventory method. The FIFO (first-in, first-out) inventory method implies that the first goods purchased are also the first goods to be sold. FIFO inventory can be seen as a theoretical model of the actual flow of goods, used for accounting or financial purposes.