Dennis and Margaret Operate a Large Petrol Station,which Runs 24

question 15

Essay

Dennis and Margaret operate a large petrol station,which runs 24 hours a day,employs 30 people and is the busiest petrol station in the Wellington region.
They have installed a computerised perpetual inventory accounting system,but are unsure as to the difference between FIFO and WAC.
Explain the difference between FIFO and WAC,and recommend which is best for Dennis and Margaret and why.

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Definitions:

Chain Restaurants

Restaurants that are part of a series or network, offering a similar dining experience across multiple locations.

Online Ordering

The process of purchasing goods or services via the Internet, often through vendor websites or applications.

Lack of Experience

The absence of prior exposure or familiarity with specific tasks, situations, or fields of endeavor.

Running

The action or activity of moving swiftly on foot, typically at a speed where both feet are off the ground simultaneously at regular intervals.