Our discussion last week talked about the two systems used to track inventory purchases and sales. This

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Our discussion last week talked about the two systems used to track inventory purchases and sales. This week, we're talking about the four methods of valuing our inventory: Specific Identification, FIFO (first-in, first-out), LIFO (last-in, first-out), and Weighted Average. Each method can be used in the Perpetual Inventory System or in the Periodic Inventory System, and each method can be used for specific types of inventory. Following the new business ownership you adopted last week, please answer the two questions below about these costing methods. Which inventory valuing method would you like to pick and why? Do you think there is a need to conduct a physical count to your inventory? Why? What would be the proper procedure