Accounting homework
Trayvon1996document111.rtf
Please discuss the following information in your initial post:
· Imagine you own a business that carries inventory. Briefly describe your business.
· Would you use a periodic or perpetual accounting system? Why?
· Which method would you use to cost your inventory? (i.e. FIFO, LIFO, Weighted Avg., or Specific Identification) Please explain why you chose this method.
· How will this costing method affect the financial statements?
· Do you think conducting a physical inventory is necessary? Why or why not?
· What happens if inventory isn't managed correctly?