Problem
You have recently been hired as the Controller for a large publicly traded company that has experienced significant operating losses for the past few years= which has caused a sharp decline in the company= 5 stock price.
What are your considerations and recommendation on whether to use either the LIFO or FIFO method for costing its inventory? Name two specific ways that a company could improve its inventory turnover including whether those would have a positive or negative impact on the company=s overall profitability.