22 Feb Inventory Costing MethodsYou are the controller fo
Inventory Costing MethodsYou are the controller for Georgetown Company. At the end of its first year of operations, thecompany is experiencing cash flow problems. The following information has been accumulatedduring the year:During the year, Georgetown sold 3,000 units at $15 each. The expected tax rate is 35%. The presidentdoesn’t understand how to report inventory in the financial statements because no recordof the cost of the units sold was kept as each sale was made.Required1. What inventory system must Georgetown use?2. Determine the number of units on hand at the end of the year.3. Explain cost-flow assumptions to the president and the method you recommend. Prepareincome statements to justify your position, comparing your recommended method with atleast one other method.
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