What costs should be reported in the year income statement

Reference no: EM13597481

1. Discuss the key elements of the inventory costing method.
2. Discuss why it is appropriate for any one to use this method.
3. What general criteria should be use to determine inventory carrying amounts at December 31, which is the end of year.
4. What costs should be reported in the year income statement (year end). Ignore the lower of cost or market consideration.

Reference no: EM13597481

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