Your friend has just started a retail clothing store in Kamloops. She will be purchasing inventory to make her own clothing (one style) and she will also be buying ready to sell items. She has come to you to help her set up an internal financial reporting system.

What Managerial accounting techniques would you suggest to your friend to better control her costs and why?

Required:

Respond to your friends question. Reflect on all the things we covered in this course. A strong answer will:

1. Identify what managerial accounting document / procedure / technique / policy you would use in the business, and
2. How this document / procedure / technique / policy will help manage your business
3. Im looking for 5 strong points

(Hint: Im not looking for paragraph answers. A couple sentences for each document / procedure / technique / policy you would use in the business is more than enough. Be concise with your answers. Im looking for you to answer what you would use and why or how it would help monitor your small business.)