“Inventory Costing Methods” Please respond to the following:
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- Use the Internet to research the annual report of at least three (3) merchandising companies. Determine the costing method (Last In First Out [LIFO], First In First Out [FIFO], and weighted average) that is used to record inventory. Next, watch C. Pence’s video:
- Identify the primary benefits in using the costing method (LIFO, FIFO, and weighted average) that is used to record inventory. Explain at least three (3) reasons that would lead each of your chosen companies to switch to a different costing method.