Discussion 2- Inventory This discussion activity meets Module Learning Objectives 1, 2, 8, and 9 Requirements- answer 4 questions and complete 2 replies You must label each answer with the number of question. Each question must have at least three sentence answers. There is no maximum sentence, use as many as you wish to thoroughly answer the question. All answers must be complete sentences using proper grammar and spelling. On- ccess Assume you are opening a furniture store. You have some decisions about how to do the accounting for the business. 1. Which type of inventory system will you use? Explain your reasons. o specific, LIFO, FIFO, or weighted average? o perpetual or periodic? 2. How often do you plan to do a physical count of inventory on hand? Explain your reason. 3. Inventory costs are rising. Which inventory costing method would have the effect of o maximizing net income? o minimizing the amount of income tax? 4. What do you think will be the biggest accounting issues you will encountr with running your business? After you post your discussion you must also comment on at least two other students posts Again posts. Again these responses should be complete grammatically correct sentences and respectful of the each other. Your discussion posts will be evaluated using the Discussion Rubric Unread