Write notes on: (i) Periodic inventory system (ii) Perpetual inventory system. Compare LIFO with FIFO methods of inventory valuation. Explain with the help of a suitable example how current costs can...

Write notes on:

(i) Periodic inventory system

(ii) Perpetual inventory system.

Compare LIFO with FIFO methods of inventory valuation. Explain with the help of a suitable example how current costs can be shown on both the income statement and the balance sheet under the LIFO inventory method.