Applying the lower of cost or market to all inventory is required under US GAAP for all companies. This makes it a pretty important idea but maybe a little theoretical. Our discussion this week is trying to make the concept more practical. We are going to try to use our experience in a job or as a customer to give two examples of inventory that might become obsolete $($worth significantly less than what we paid for it$)$ but not totally worthless. Give the two examples in your post and explain why these items could become obsolete and how you would know it$.$