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Assume that you are an accountant at a local computer retailer and your boss asks you to explain the financial statement impact of inventory costing methods. In particular, she is interested in whether the business should use the First In First Out or Last In First Out method. She would like to use the method that results in the highest net income, the highest inventory balance and the lowest taxes.
Note: The purchase price of computers has been rising over the last decade and that trend is expected to continue.
Required
Question 1: Explain the effects of using the Last In First Out and First In First Out methods on income, inventory and taxes. Can your boss get all that she wants?
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