Access the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Determine the specific citation for each of the following items:

1. Define the meaning of cost as it applies to the initial measurement of inventory.

2. Indicate the circumstances when it is appropriate to initially measure agricultural inventory at fair value.

3. What is a major objective of accounting for inventory?

4. Are abnormal freight charges included in the cost of inventory?

Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2016. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a periodic inventory system.