Accounting homework

Please discuss the following information in your initial post:

· Imagine you own a business that carries inventory. Briefly describe your business.

· Would you use a periodic or perpetual accounting system? Why?

· Which method would you use to cost your inventory? (i.e. FIFO, LIFO, Weighted Avg., or Specific Identification) Please explain why you chose this method.

· How will this costing method affect the financial statements?

· Do you think conducting a physical inventory is necessary? Why or why not?

· What happens if inventory isn't managed correctly?