What are the different inventory accounts? What types of costs are factored into a retailers inventory accounts and what types of costs are factored into a manufacturer inventory accounts?

What factors might influence a companys management selection of a one inventory cost flow assumption versus another?

Describe the situations in which the gross profit method of estimating inventory would be useful.

What does valuation imply and why is it particularly important to inventory? What special concerns should companies address as they valuate inventory?