(Answered) Question -1 discuss the key elements of the inventory

Accounting

Question -

1. Discuss the key elements of the inventory costing method.

2. Discuss why it is appropriate to use this method.

3. What general criteria should be use to determine inventory carrying amounts at December 31, 2009?

4. What cost should be reported in 2009 income statement? Ignore the lower of cost or market consideration.

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