If your school has a subscription to the FASB Codification, go to http://aaahq.org/ ascLogin.cfm to log in and prepare responses to the following.

Instructions
(a) The primary basis for accounting for inventories is cost. How is cost defined in the Codification?
(b) What does the Codification state regarding the use of consistency in the selection or employment of a basis for inventory?
(c) What does the Codification indicate is a justification for the use of the lower-of-cost-or-market for inventory valuation?