Week 4 Disscussion. What is the actual purchase price of goods?What is the difference between gross sales and net sales?With constant price changes in the economy, how does management assign a value to its inventory?Describe the three different inventory cost flow methods for perpetual inventoriesÿWhat does it mean to classify and determine inventory quantities?What is the LIFO reserve and how/why is it used?ÿWhat is the difference between gross sales and net sales?Describe some of the income statement and balance sheet effects of inventory errors.Please make sure all responses are at least 100 words. Please put the question with the responseÿIf you would like my reading materials just let me know
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