7. Describe how cost flows from inventory to cost of goods sold for the following methods: LIFO and FIFO. What type of business would use these different types of inventory methods and why? 8. Internal control procedures are important in every business, but at what stage in the development of a business do they become especially critical? Why would any company care about internal control procedures and what do they do for a business? 9. Explain the accounting constraints of materiality. Do you agree or disagree with why it is accounted for? 10. What general procedures are applied in accounting for the acquisition and potential cost allocation of intangible assets? Could the procedures be changed?