1. In a typical contract, are there many obligations that are not central or ongoing obligations?
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3. At a catering what types of inventory flows are used for physical and accounting flows, and why? Common choices for physical flows are FIFO (first-in first-out) and specific identification. Common choices for accounting flows are average cost, FIFO, specific identification and (less often) LIFO. If different choices are made for different products, or different choices for physical and accounting flows, explain why.
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5. What challenges might the catering company face in taking inventory at the end of the year?
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7. Do you think a catering company uses a perpetual or periodic inventory system, and why? If perpetual systems for some inventory and periodic for others, why do you think this may be?
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9. How might an organization like this use inventory to manage earnings or other measures?