Refer to the extracts of the annual report of Woolworths Limited in this book’s appendix. All questions relate to the consolidated accounts. 1 Would you expect Woolworths Limited to use a perpetual or...

Refer to the extracts of the annual report of Woolworths Limited in this book’s appendix. All questions relate to the consolidated accounts. 1 Would you expect Woolworths Limited to use a perpetual or periodic method of inventory valuation? 2 Does the company apply the lower of cost and net realisable value rule? Where is this noted? 3 What cost flow assumptions are used to value inventory?