Problem
Use the Internet to research the annual report of at least one merchandising company. For example, while you can't use this one, here is one from Walmart. Determine which costing method (Last In First Out [LIFO], First In First Out [FIFO], or weighted average cost) is used to record inventory by your selected company.
Share three advantages and three disadvantages of using the type of costing method (LIFO, FIFO, and weighted average) that the company has implemented.
Provide support for your response.