PART 1 Your answers to the following questions should be based upon use of the FASB Accounting Standards Codification (ASC). Answers that receive full credit must reflect: (a) the appropriate citation from the ASC-for example, if the question is what is the primary basis of accounting for inventories" then your answer should include the following citation: ASC 330-10-30-1. (b) the use of your own words rather than the text or the ASC to provide the simplest and clearest answer to the question 01. This question relates to the subsequent measurement of inventory. Please fill in the blank" and then compare and contrast the 2 methods you indicated: If the company uses LIFO or the retail inventory method to measure inventory initially, then for subsequent measurement, the entity must use If the company uses FIFO or weighted average cost method to measure inventory initially, then for subsequent measurement, the entity must use 02. Briefly indicate the exceptions and rationale for stating inventories above cost. Q3. What is the rationale for treating losses on purchases commitments in the same manner as inventory losses? Q4. Provide a brief discussion of applying guidance on subsequent measurement of inventory to each item or to total inventory. PART 1 Your answers to the following questions should be based upon use of the FASB Accounting Standards Codification (ASC). Answers that receive full credit must reflect: (a) the appropriate citation from the ASC-for example, if the question is "What is the primary basis of accounting for inventories" then your answer should include the following citation: ASC 330-10-30-1. (b) the use of your own words rather than the text or the ASC to provide the simplest and clearest answer to the question Q3. What is the rationale for treating losses on purchases commitments in the same manner as inventory losses? Q4. Provide a brief discussion of applying guidance on subsequent measurement of inventory to each item or to total inventory