Task 7 Using a Financial Software package such as MYOB or Xero produce a Standard Balance Sheet, which includes inventory. Provide evidence of this report, either by including a screen dump of the report, or including a copy of the pdf version of the report. Required 1. Name the Financial Software Package that you have used to produce the report. 2. What is the value of Inventory as shown on the balance sheet? 3. Inventory valuation will be affected by whether management has chosen to use FIFO or Weighted Average. Use of which of these methods would result in a higher inventory valuation on the balance sheet.
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