Which of the following examples best illustrates the concept of materiality? Select all that apply.

1- As Tyler is reviewing his business financial information at the end of the year, he realizes that no information was recorded throughout the year about the glue used to fix odds and ends around the office. Tyler decides that the cost of the glue wasnt enough to worry about figuring out. Your business produces circles and squares and keeps stocks of finished.

2- Your business produces circles and squares and keeps stocks of finished goods inventory for both. Demand for circles has skyrocketed recently, raising the price at which you can sell them. Squares, on the other hand, are now seen as obsolete. You are required to lower the asset value of your square inventory, but cannot increase the value of your circle inventory.

3- John records an entire prepayment from a customer for car parts as revenue at the time he receives the cash.