Question: Describe two (2) inventory costing methods which would be acceptable to use under the accounting standard AASB102 to determine the value of ending inventory and

Describe two (2) inventory costing methods which would be acceptable to use under the accounting standard AASB102 to determine the value of ending inventory and cost of goods sold? How does the costing method chosen impact on the financial statements?

Some accountants will tell you that the perpetual inventory system is more superior to the periodic inventory system. Do you agree with this statement? Why or why not?

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