Can you explain the Last$-$In$,$ First$-$Out $($LIFO$)$ method and its application? What is the Weighted Average Cost $($WAC$)$ method, and how is it calculated? How does the Specific Identification method allocate costs to inventory? Why might a company choose to use FIFO over LIFO? What are the tax implications of using LIFO in inventory valuation? How does the choice of inventory valuation method affect financial statements? Can you describe the impact of inflation on FIFO and LIFO methods? What is the Lower of Cost or Market $($LCM$)$ rule in inventory valuation? How is the Net Realizable Value $($NRV$)$ of inventory determined? What are the advantages of using the WAC method for inventory valuation? How do inventory valuation methods affect the cost of goods sold $($COGS$)?$ What role does inventory valuation play in financial reporting? How does the choice of inventory valuation method influence inventory turnover ratios? What are the main differences between perpetual and periodic inventory systems? How does a perpetual inventory system work with the FIFO method? Can you explain how LIFO is applied in a periodic inventory system? What are some of the challenges of using the Specific Identification method? How does inventory shrinkage impact inventory valuation? What are the implications of changing inventory valuation methods on financial performance? How do inventory valuation methods impact gross profit margins? What are the regulatory considerations for inventory valuation methods under GAAP? How does IFRS differ from GAAP in terms of inventory valuation? What are the main benefits of using the perpetual inventory system? How does the LIFO reserve account work? Why might a company switch from LIFO to FIFO or vice versa? How do inventory write$-$downs affect financial statements? What is the impact of obsolete inventory on inventory valuation? How is the gross profit method used to estimate inventory? What is the retail inventory method, and how is it applied? How does the choice of inventory valuation method affect cash flow? Can you explain the concept of inventory carrying cost? What are some strategies to minimize inventory holding costs? How do companies account for consigned inventory? What are the main risks associated with inventory valuation? How can inventory turnover ratios be improved through inventory management? What are the differences between direct and indirect inventory costs? How does technology impact inventory valuation and management? What is the effect of just$-$in$-$time $($JIT$)$ inventory systems on inventory valuation? How do seasonal fluctuations impact inventory valuation methods? What is the role of physical inventory counts in inventory valuation? How do companies ensure accuracy in their inventory records? How is inventory treated in a manufacturing environment? What is the impact of economic order quantity $($EOQ$)$ on inventory levels? How does inventory valuation affect working capital management? What are the challenges of valuing inventory in international operations? How do foreign exchange rates impact inventory valuation? What is the significance of inventory valuation in mergers and acquisitions? How do companies account for inventory in transit? What is the impact of trade discounts on inventory valuation? How do companies handle inventory returns in their accounting systems? How is spoilage accounted for in inventory valuation? What is the impact of supplier lead times on inventory levels? How do companies manage safety stock levels? What are the key performance indicators $($KPIs$)$ for inventory management? How does demand forecasting affect inventory valuation? What are the implications of overstocking inventory? How do companies deal with stockouts in their inventory systems? How is inventory valuation affected by promotional pricing? What are the main components of inventory carrying costs? How do companies determine optimal reorder points for inventory?