Instructions Refer to company's financial statements and the accompanying NOTES to answer the following questions. 1. How does company value its inventories? Which inventory costing method does this company use as a basis for reporting its inventories? (2 Marks) 2. How does this company report its inventories in the statement of financial position (Balance Sheet)? In the notes to its financial statements, what three descriptions are used to classify its inventories? (2 Marks) 3. What costs does this company include in Inventory and Cost of Sales? (2 Marks) 4. What was inventory turnover ratio in the year? What is its gross profit percentage? Evaluate company's inventory turnover ratio and its gross profit percentage. (2 Marks) Instructions Refer to company's financial statements and the accompanying NOTES to answer the following questions. 1. How does company value its inventories? Which inventory costing method does this company use as a basis for reporting its inventories? (2 Marks) 2. How does this company report its inventories in the statement of financial position (Balance Sheet)? In the notes to its financial statements, what three descriptions are used to classify its inventories? (2 Marks) 3. What costs does this company include in Inventory and Cost of Sales? (2 Marks) 4. What was inventory turnover ratio in the year? What is its gross profit percentage? Evaluate company's inventory turnover ratio and its gross profit percentage. (2 Marks)