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1. Identify the items that are included in merchandise inventory. (In your answer address the special situations of goods in transit, consigned goods and damaged
1. Identify the items that are included in merchandise inventory. (In your answer address the special situations of goods in transit, consigned goods and damaged goods.)
2. Identify and describe the four inventory valuation methods.
3. Discuss how the principles of internal controls apply to cash receipts.
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