Specific Identification Cost

Requirements Choose one of the following types of inventory before responding to the discussion questions below. Food (perishable food items such as dairy or produce) Medical supplies Mobile phones or electronic devices Wine (super premium aged wine or supermarket brand wines) Petroleum oil or coal Automobiles Bridal dresses Please respond to the following prompts in your initial post: Identify one of the (inventory) items from the list above. Do you think businesses that deal with these items use a Perpetual or Periodic Inventory System? Explain your answer. Suggest one of the four types of cost flow assumptions for this type of inventory. Explain why you think this is the best match for the inventory items you have chosen. What accounts are affected? Identify at least two accounts and explain your answer. Imagine you are a business owner and you want to sell this type of inventory overseas. Would you use the same cost flow assumption? Why or why not?