"Inventory Costing Methods" Please respond to the following:

DQ #1 Assume that you have been hired as the production manager of a manufacturing company and must determine the best inventory costing system to implement. Discuss two factors that must be considered before making the determination.

DQ #2 As a production manager, one of your key tasks is to improve efficiencies by either increasing productivity or reducing cost. Determine whether the responsibility reports needed to track performance should be created by department, function, or manager, using a costing method of your choice. Based on the costing method you selected, determine the type of data needed to track and evaluate performance to control costs such as cost per unit, cost per hour, etc.

DQ #3 I have not been assigned to teach cost accounting recently. I read a paper about the costs of electronic media devices increasing. This article used the terms "product" costs and "inventory" costs. Do these terms refer to the same costs?

DQ #4 U.S. GAAP is gradually moving towards compatibility with IFRS. Are each of the four inventory costing methods permitted under IFRS? If not, why not?

DQ #5 Many grocery stores tag cut up deli fruit with a date that represents the last day the fruit can be sold. Any fruit not sold at the end of the last day is frequently discarded. Why is it that many grocery stores do not allow their employees to take the fruit home rather than discarding it?

DQ #6 Chapter 3 indicates that ABC is the superior system when assigning overhead costs and improving managerial decision making. I do not know why our text even discusses FIFO, LIFO, specific identification and weighted average. Does it really matter which costing method