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ACCT105 Financial Accounting
Question:
Discussion – Inventory 1212 unread replies.
There is no maximum sentence, use as many as you wish to thoroughly answer the question. All answers must be complete sentences using proper grammar and spelling.
Assume you are opening a furniture store. You have some decisions about how to do the accounting for the business. Which type of inventory system will you use? Explain your reasons. specific, LIFO, FIFO, or weighted average? perpetual or periodic?
How often do you plan to do a physical count of inventory on hand? Explain your reason. Inventory costs are rising. Which inventory costing method would have the effect of maximizing net income? minimizing the amount of income tax?
What do you think will be the biggest accounting issues you will encounter with running your business? After you post your discussion, you must also comment on at least two other students posts. Again these responses should be complete grammatically correct sentences and respectful of the each other.
ACCT105 Financial Accounting
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