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What are implications of having such varied costing systems

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Question 5

How do the perpetual system and the periodic system differ in determining Ending Inventory and Cost Of Goods Sold? Retailers also have the choice of choosing from three costing systems: First-In-First-Out (FIFO), Last-In-First-Out (LIFO), and Weighted Average. Do these systems represent the ‘physical flow of inventory' or are they an Accounting choice? What are the implications of having such varied costing systems? In your discussion, please consider the impact these options have on ‘Earnings Management' and ways of mitigating these impacts.

Reference no: EM13486866

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