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When you select the type of inventory that you want to discuss, consider only o
When you select the type of inventory that you want to discuss, consider only one product in that line. For example, if you select automobiles as the inventory category, describe how you would implement the inventory valuing method for only one make and model of the car in your post. In other words, choose one of the products in parentheses after the inventory category.
Medical equipment (10 wheelchairs, 10 x-ray machines, 10 prosthetic devices)
Electronic devices (10 Dell computers, 10 iPhones)
Wine (10 bottles of super-premium wine, 10 boxes of table wine)
Petroleum products ( 10 barrels of crude oil, 10 gallons of regular gasoline, 10 gallons of premium gasoline)
Automobiles (10 of one specific make and model)
Bridal dresses (10 of one specific style)
Clothing (10 handmade sweaters, 10 off-the-rack sweaters, 10 seasonal Ugly Christmas sweaters)
Furniture (10 custom made cabinets, 10 mass-produced sofas)
Jewelry (10 unique diamond necklaces, 10 inexpensive costume necklaces)
Real Estate (10 acres of land, 10 single-story houses, 10 commercial office spaces)
Food (10 gallons of milk, 10 cans of soup)
In your original post, respond to the following prompts:
Identify one of the (inventory) items from the list above.
Do you think businesses that deal with these items use a Perpetual or Periodic Inventory System? Explain your answer.
Suggest one of the four types of cost flow assumptions for this type of inventory. Explain why you think this is the best match for the inventory items you have chosen. Remember, the actual flow of sales of these items does not have to match the method you have chosen to value it!
How would using these methods impact the balance sheet and the income statement? (Example: The cost of goods sold, ending inventory, profit, and asset values.)
Imagine you are a business owner and you want to sell this type of inventory overseas. Would you use the same cost flow assumption? Why or why not?
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