Question: CH.8 Discussion In this chapter we have explored and calculated COGS and ending inventory under various methods including LIFO, FIFO, Weighted Average and Specific Identification.

CH.8 Discussion In this chapter we have explored and calculated COGS and ending inventory under various methods including LIFO, FIFO, Weighted Average and Specific Identification. For this discussion please complete the following: Part 1: Select 2 of the following Industries and select the inventory cost methods you would implement: - Automotive Sales - Grocery Store (Meat and Seaford Department) - Construction Supply (steel, cement, etc) - Agriculture (Rice, corn, potatoes, etc) - Select another industry of you choosing Part 2: Explain why you selected a certain inventory method and why that makes the most sense given the industries you selected. Part 3: Compare and contrast periodic and perpetual inventory systems. Which system would do you feel is best and why do you feel that way

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