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1. In your own words, explain the conservatism principle. How is the conservatism principle applied to the valuation of merchandise inventory? Why do you think

1. In your own words, explain the conservatism principle. How is the conservatism principle applied to the valuation of merchandise inventory? Why do you think this principle is applied to the valuation of merchandise inventory?

2. In your own word, explain the meaning of consistency? How is the consistency principle applied in the choice of inventory valuation methods? Why do you think this principle is applied to inventory valuation?

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