Preparation Complete the Assignment 5 Template [DOCX] Download Assignment 5 Temp

Preparation Complete the Assignment 5 Template [DOCX] Download Assignment 5 Template [DOCX]. Review all of the required resources and readings. Note: Accuracy in accounting is paramount so take your time and double-check your work for errors or omissions. Instructions Answer questions correctly. When you are satisfied with your responses, save and submit your template in the courseroom. Step 1: Identify the costs to be included when calculating inventory cost. Step 2: Explain the three methods of costing. Step 3: Describe alternative methods of calculating inventory cost. Step 4: Calculate the inventory turnover for a company. Step 5: Identify which methods to determine shrinkage or shortage in the physical inventory. Your submission will also be graded on the clarity and quality of your write. So, make sure you are writing in complete and grammatically correct sentences. Competencies Measured By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and scoring guide criteria: Competency 1: Define accounting terminology and its application to accounting principles. Identify the costs to be included when calculating inventory cost. Explain methods to determine shrinkage or shortage in the physical inventory. Competency 2: Apply accounting cycle strategies to manage business financial events. Explain the three methods of costing. Describe alternative methods of calculating inventory cost. Competency 3: Prepare financial statements from accounting system data. Calculate the inventory turnover for a company. Competency 4: Convey purpose, in an appropriate tone and style, incorporating supporting evidence and adhering to organizational, professional, and scholarly writing standards. Convey clear meaning through appropriate word choice and usage. Write in the third person, adhering to conventions of academic tone.