1. In March 2016, as part of a special "pay now and get 5% off" promotion, sales orders were placed by 140 customers for 30 pairs of contact lenses for each of the remaining nine months of 2016. YCI recorded the full amount of these sales as revenue in March as these orders had been paid for in full. The contacts, however, are typically not ordered from the suppliers until closer to the month for which the orders relate, as customers pick up their orders on a monthly basis.
2. Icey indicated that a significant number of frame styles are out dated with a book value of $10,000. Iceyis hopeful that the frames will come back in style however there has been no indication of this to date. The frames cannot be returned to the supplier. Icey is planning to sell these at 50% of cost in order to move them. It is typical in the industry to have to write down a portion of inventory annually as the styles change so frequently. YCI's inventory of frames is currently valued at $50,000.
3. YCI has 60 specialty sunglasses in inventory (separate from the frames) recorded at a cost of $200 per pair. In January 2016, Icey decided to reduce the selling price of the sunglasses from $250 to $150 as this is the price he believes will guarantee their sale. YCI has never had to lower the price of sunglasses before as they typically sell quickly and Icey does not expect to have to lower the price of any other specialty frames in the future.

a)how you propose to account for each of them

b)The audit assertions and 1 to 2 audit procedures for each issue.