PROJECT INFORMATION: You are a Senior Managerial Accountant at Wild Water Sports Inc., a company that makes water sporting equipment. Currently the company uses the LIFO method to value inventory costs. Your boss has asked you to look into the advantages and disadvantages of switching to FIFO or the Weighted Average method.
Course objectives covered: 1,2,5
PROJECT REQUIREMENTS: This project is due in Week 3 of the course.
Required: Prepare a 2-3 page memo explaining the advantages and disadvantages of LIFO, FIFO, and the weighted average method. Include the financial statement implications of switching from LIFO to each of the other valuation methods. Finally, make a recommendation based on your research as to which valuation method Wild Water Sports, Inc. should use.
Writing Activity: You are required at least 2 references from the University library. This is expected to be college-level writing. The report(s) need to be one that your instructor wants to read. All written documents and sources used are to be submitted in APA format (use the writing center as needed). APA Formatting & Style Guide at https://owl.purdue.edu/owl/research_and_citation/apa_style/apa_formatting_and_style_guide/general_format.html
Technology/Collaborative Activity: You will be using Microsoft Word to prepare your memo.
Assignment Due Date Schedule: Week 3: Submit 2-3 page memo. File naming conventions: ACG_Writing_Project_First_LastName.doc
