Short answers only. Questions are from Principles of Accounting Volume 1 Financial Accounting Chapter 10

2. LO 10.1 Can a business change from one inventory costing method to another any time they wish? Explain. 6. LO 10.1 Explain why a company might want to utilize the gross profit method or the retail inventory method for inventory valuation. 10. LO 10.3 Describe costing inventory using last-in, first-out. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating. 12. LO 10.4 How long does it take an inventory error affecting ending inventory to correct itself in the financial statements? Explain