Response to the following problem:
Assume you own a restaurant. What inventory costing method would you prefer, and why? Also, include a discussion as to whether the costing method you would use for your accounting records would follow the actual flow of your inventory.
NOTE: Keep in mind the choice of inventory COSTING method is an accounting decision, not an inventory MANAGEMENT decision. The accountant has no knowledge of the specific unit sold - only the date of purchase, the number of units purchased, and the cost per unit.