Jims Music Company uses LIFO for inventory and the companys profits are quite hi

Jims Music Company uses LIFO for inventory and the companys profits are quite high this year. The cost of inventory has been steadily rising all year and Jim is worried about his taxes. You are Jims accountant and you suggested that the company make a large purchase of inventory to be received during the last week in December. You explained to Jim that this would reduce his income significantly.Suggestions for Responding to Peer PostsGrading Criteria% of grade for this assignmentResponse to assignment80%Peer Response (a minimum of 2)15%In your own words please post a response to the Discussion Board and comment on other postings. You will be graded on the quality of your postings.For assistance with your assignment please use your text Web resources and all course materials.Unit Materials