Navigate to appropriate sections of the Accounting Standards Codification (ASC) to identfy answers to the following questions. Answers that receive full credit must reflect: (a) the appropriate citation from the ASC (b) the use of your own words rather than the text or the ASC to provide the simplest and clearest answer to the question Questions to be answered using the FASB Accounting Standards Codification (ASC): 1. What is the primary basis of accounting for inventory, and what does it mean to apply this basis to inventory? 2. Discuss the factor(s) responsible for the general acceptance of cost flow assumptions such as LIFO or FIFO. 3. Discuss the circumstances under which the the cost basis would not provide a proper matching of costs to revenues. 4. Describe the method used to measure a loss related to inventory when the entity uses LIFO or the retai nventory method. 5. Describe the method used to measure a loss related to inventory when the entity does not use LIFO or the retail inventory method