Determine the cost of merchandise inventory, using current costing methods.

Determination should include

• describing and comparing common inventory costing methods, such as first in, first out (FIFO); last in, first out (LIFO); and weighted average, as well as industry trends in inventory costing
• explaining how an inventory item can be assigned different costs depending on the costing method used
• explaining the reasons for using each costing method and how to decide which method to use for a given inventory
• calculating the cost of a sample merchandise inventory, using each method.