Accounting 1 Discussion Question - Kim Woods/Phyllis Young

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