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Explain the measurement of inventory

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Question -

Q1. Explain the measurement of inventory.

Q2. When is a specific identification method appropriate in determining the cost of inventories?

Q3. Explain briefly the following cost formulas;

a. FIFO b. weighted average c. specific identification

Q4. What is the reason for writing down inventories below cost to net realizable value?

Q5. Explain the accounting for inventory write-down.

Q6. Explain the two methods of accounting for inventory write-down.

7. When a loss or gain on purchase commitment is recognized?

Reference no: EM132919445

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