Question: Answer the following (All inventory related question are based on an inflationary economy assumption): 1.If a company decides on shifting from LIFO method to FIFO

Answer the following (All inventory related question are based on an inflationary economy assumption):

1.If a company decides on shifting from LIFO method to FIFO method then what would be the impact on firm's Ending Inventory, Gross Profit and Net Profit margin?

2.If a LIFO using company decides to switch from Perpetual Inventory system to Periodic Inventory System then what might be the impact on Ending inventory and Cost of Sales, if any, and why?

3.What would be the best option to choose financing lease or operating lease for Machinery in the plant of a big textile firm which has more than 10 years of estimated life? And why?

4.For an intangible asset to be developed internally, what are the recognition criteria it would meet for it to be recognized as an intangible asset and what would be the expenditures that IFRS would recognize to be expensed?

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