Question - Choose either LIFO or FIFO as a method of inventory valuation, and thoroughly discuss why you feel the chosen method is better than the other. What are the advantages and disadvantages of your chosen method? How does your chosen method affect the financial statement? Why did you select the method you did?
For this discussion, identify and explain the four methods of assigning costs to ending inventory and cost of goods sold. What are the differences and similarities between each method?