Addressoneof the following:

a) In chapter 8 we learn about different cost flow assumptions. What are the different cost flow assumptions and why do we even need to use cost flow assumptions?

b) What's the difference between periodic and perpetual and how does the choice affect how the entries differ under the two systems? How is this choice related to the cost flow assumptions?

c) How should (or does) a company decide on a particular cost flow assumption to use?