Assignment and calculations must be done using Excel given the information provided below. advise the management on the best inventory management strategy to adopt using FIFO, LIFO and Weighted Average method. show your workings and clearly advise the best choice and state why. Inventory Tab

Valuing Physical Inventory
Opening Inventory on the first of the month: 9 Cans@	$10.25
Purchased on the 7th of the month: 20 Cans at	$10.35
Purchased on the 15th of the month: 30 Cans at	$10.25
Purchased on the 26th of the month: 10 Cans at	$10.15
Closing Inventory			26

Valuing Inventory Tab

Actual purchasing Price Method
8@ $10.25
9@ $10.35
9@ $10.15
FIFO
Weighted
Latest
LIFO

Comparison Tab

What is the best method to use from an Accounting perspective and Why?

Cost of Food Tab

Opening Inventory	$10,525.00
Closing Inventory	$10,925.00
Cooking Liquor	$ 250.00
Food to Bar	$ 210.00
Steward sales	$ 120.00
Gratis to Bar	$ 250.00
Promotion Expense	$ 500.00
Cost of Employee's Meals	$ 1,500.00
Purchase During the month	$25,620.00

Average Inventory/Inventory Turnover Tab

Inventory Turnover