1. Refer to the facts in Problem 9-16. Repeat the requirements assuming that Jake uses the FIFO cost flow assumption.
  2. Explain how the financial statements are affected when a company decides that NRV should be used for the inventory value.
  3. Repeat part 1 assuming that Jake has the same number of units for each inventory item and it applies lower of cost or market to total inventory instead of to each individual unit.