Q- In a period of increasing prices, why would the company tax accountant prefer the last in, first out method while the CEO would prefer first in, first out? Why is this important?
Q- GAAP requires corporations that use LIFO to report the amount by which inventory would be increased or decreased if the firm had instead used FIFO. This amount is called the LIFO reserve. Class, why is this important?
Q- What are some ways in which a company can control its operating expenses, or improve its profit margin ratio?
Q- What are the key internal controls that should be in place to protect inventory for a merchandiser that sells highly desirable and expensive inventory such as jewelry? Would this be different if the business had less desirable and less expensive inventory? Explain why or why not.
Q- If you have been involved in risk assessment, or an internal control audit, please share your experience with the class. What did you learn? Were any changes or improvements made to the company's internal control policies and procedures?
Q- Class, take a look at the following article. The author goes into detail about how important it is to have the appropriate strategies, teams, and inventory control measures in place. https://search.proquest.com.contentproxy.phoenix.edu/docview/234420043?pq-origsite=summon&accountid=458
Share your thoughts with the class. Did you learn anything knew that might be applied to your own workplace?