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AutoSave oft H S - ACC201.2-part Assignment.spring 2020 (1) - Protected View Search File O Home Insert Draw Page Layout Formulas Data Review View Help PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing A AB CD E F G H I J K L M Noel 4 (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 includ 5 (b) the use of your own words rather than the text or the ASC to provide the simplest and clearest answer to the question 6 7 01. 8 This question relates to the subsequent measurement of inventory. 19 Please "fill in the blank" and then compare and contrast the 2 methods you indicated: 10 If the company uses LIFO or the retail inventory method to measure inventory initially, then for subsequent measurement, the entity must use 11 If the company uses FIFO or weighted average cost method to measure inventory initially, then for subsequent measurement, the entity must use 12 15 16 17 02. 18 Briefly indicate the exceptions and rationale for stating inventories above cost. 19 24 03. 25 What is the rationale for treating losses on purchases commitments in the same manner as inventory losses AutoSave oft H S - ACC201.2-part Assignment.spring 2020 (1) - Protected View Search File O Home Insert Draw Page Layout Formulas Data Review View Help PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing A AB CD E F G H I J K L M Noel 4 (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 includ 5 (b) the use of your own words rather than the text or the ASC to provide the simplest and clearest answer to the question 6 7 01. 8 This question relates to the subsequent measurement of inventory. 19 Please "fill in the blank" and then compare and contrast the 2 methods you indicated: 10 If the company uses LIFO or the retail inventory method to measure inventory initially, then for subsequent measurement, the entity must use 11 If the company uses FIFO or weighted average cost method to measure inventory initially, then for subsequent measurement, the entity must use 12 15 16 17 02. 18 Briefly indicate the exceptions and rationale for stating inventories above cost. 19 24 03. 25 What is the rationale for treating losses on purchases commitments in the same manner as inventory losses