1)Chapter 9 - Inventory: Additional Valuation Issues

a)Describe methods for writing inventory down below cost

i)Describe and apply the lower-of-cost-or-net realizable value rule.

ii)Describe and apply the lower-of-cost-or-market rule.

b)Describe other valuation approaches for initially recording inventory

i)Net Realizable Value

ii)Relative Sales Value

iii)Purchase commitments

c)Describe methods for estimating inventory

i)Determine ending inventory by applying the gross profit method.

ii)Determine ending inventory by applying the conventional retail inventory method.