Response to the following questions:
1. Assume that a company initiated a quick response program.
a. What impact would the program have on the inventory balance and cash flow?
b. What impact would the program have on cost of goods sold, assuming that the firm used lifo?
2. Select a business in your community and observe its controls over inventory. In groups of three or four, identify and discuss the similarities and differences in each business's inventory controls. Prepare a written summary of your findings.