Accounting 1 Discussion Question - Kim Woods/Phyllis Young

lboydy6q2

DUE ASAP!!!!

Use the Internet to research the annual report of at least one (1) merchandising company. Determine which costing method (Last In First Out [LIFO], First In First Out [FIFO], or weighted average cost) that is used to record inventory by your selected company.
Identify the three (3) primary advantages and three (3) primary disadvantages of using the costing method (LIFO, FIFO, and weighted average) that is used to record inventory.
Discuss whether or not you believe that LIFO is a fair inventory valuation method.
Provide support for your response