$1.($LO$1)$ In what ways are the inventory accounts of a retailing company different from those of a manufacturing company?

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$2.$ LO$1)$ Mishima, Inc. indicated in a recent annual report that approximately $$19$ million of merchandise was received on consignment. Should Mishima, Inc. report this amount on its balance sheet? Explain.

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$3.($LO$2)$ Distinguish between product costs and period costs as they relate to inventory.