Wilkins company uses LIFO method for inventory costing, In an effort to lower net income, company president Lenny Wilkins tells the plant accountant to take the unusual step of recommending to the purchasing department a large purchase of inventory at year-end .The price of the item to be purchased has nearly doubled during the year, and the item represents a major portion of inventory value.
a) Identify the major stakeholders. If the plant accountant recommends the purchase, what are the consequences?
b) If Wilkins Company were using the FIFO method of inventory costing, would Lenny Wilkins give the same order? Why or why not?
Instruction: Write it like a short paper in APA format with paragraphs please instead of simply writing: a) response, b) response. ( In 350 WORD) Please cite any sources used in APA format and include a references page.