A company is analyzing two mutually exclusive projects, S and L, whose cash flows are shown below: 
The company's required rate of return is 12 percent.What is the IRR of the better project? (Hint: Note that the better project may or may not be the one with the higher IRR.)
Definitions:
Cost of Goods Sold
Costs directly linked to creating goods for sale within a business, such as labor and materials.
Net Income
The profit of a company after all expenses and taxes have been deducted from total revenue.
Perpetual Inventory System
An inventory management system where inventory levels are updated in real-time with each sale or purchase, providing a continuous record of inventory counts.
Periodic Inventory System
An inventory system that updates inventory balances after a set period by taking a physical inventory count.
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