Per the video summary, there are three (3) primary inventory costing methods used by companies: LIFO, FIFO, and Weighted Average. With each method comes a number of pros and cons that a company must consider when implementing its inventory management strategy. Select a company below and discuss the advantages associated with its chosen inventory costing method.
Target – Uses LIFO
Amazon – Uses FIFO
FedEx – Uses Weighted Average
Part 2: Respond to a Peer
Read a post by one of your peers and respond, making sure to extend the conversation by asking questions, offering rich ideas, or sharing personal connections.
Top of Form
Hello fellow students and Professor Henryhand,
For this week’s discussion on LIFO, FIFO, and Weighted Average the company that I choose is going to be FedEx. FedEx uses the weighted method for their inventory accounting policy because they want to be able to provide spare parts, supplies, and fuel at an average cost. They are providing this option for aircrafts that are in additional or retired from service because of the estimated useful life span of aircrafts and engines. By simply using this weighted method does not require much effort to maintain their documents for all their products. That is why they save a lot of money because they are only keep product they need in their inventory and they are not using many working hours keeping up with inventory.
Bottom of Form
Making the Data Work for You
Excel is either the most terrifying and mystifying program, or one of the easiest and useful programs, on the face of the planet…depending upon who you ask, of course. However, it has lots of daily uses, some of which you may have never thought about.
Pick one of the activities listed below. Describe how you would track these activities in Excel and why using Excel would make more sense than using a notebook or Word document.
2. Home Budgeting
3. Managing Schedules
4. Work Productivity
5. Fantasy Sports
Respond to peer
I would use an excel format to keep tracking of my home budgeting. Excel would be great for home budgeting because excel has templates where you can choose a budget template so that you can compare expenses against your bills and household income. The excel spreadsheet would show me if I am overspending each month or ways I can reduce my household expenses.