1. Why the accounting standards let companies to have lower cost or market inventory valuation? Why should inventories be measured also at market value?

2. Describe the advantages as well as disadvantages of having FIFO, LIFO, and weighted average inventory costing (both from accounting & taxation perspective, i.e. which have lower profits, etc)

3. How often should a company perform stock opname? How would the company record if there is mismatch between physical & accounting records?