1. Suggest some specific controls that management must provide over inventory in a business that sells diamonds.
2. What is meant by the term market as it is used in the lower of cost or market rule? What accounting principle or constraint underlies the lower of cost or market rule for inventory valuation?
3. Under what circumstances is the specific identification method for determining cost of inventory items logical?
4. The following data pertains to Concept Accounting software packages in the inventory of Computer Program Smart Outlets:
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