Financial Accounting Discussion Questions

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DQ #1

In a period of increasing prices, why would the company tax accountant prefer the last in, first out method while the CEO would prefer first in, first out? Why is this important?

DQ#2

What are the key internal controls that should be in place to protect inventory for a merchandiser that sells highly-desirable and expensive inventory such as jewelry? Would this be different if the business had a less-desirable and less-expensive inventory?