1. A company sells its inventory in the order in which it is acquired, but sets sales prices based on the most recent purchases. It is trying to determine how to report the inventory in its balance sheet. Identify the location in professional standards that indicates that the cost of inventory may be determined using one of several cost flow assumptions.

1. Which title of Professional Standards addresses this issue & will be helpful in understanding the documentation requirements for matters communicated with governance?

2. Enter the exact section and paragraph with helpful information.

for both FASB and IAS