Question 1 Which method of accounting, periodic or perpetual, for inventory would you choose for a retail store that you managed. Make your choice and explain why you made it. Narratives about your prior or current experience with inventory are welcome.
Question 2 With the adoption of international accounting standards, the LIFO inventory cost flow assumption will most likely be eliminated. Do you believe that LIFO should be eliminated? Make your choice (yes or no) and explain why you made it. Narratives about your prior or current experience with inventory are welcome.