AS-1

A) List the 4 different inventory valuation methods allowed under GAAP?

B) In times of rising prices, which inventory valuation method results in the lowest closing inventory? Explain

C) Different inventory valuation methods result in different inventory values. What factors may cause a company to select FIFO,LIFO, weighted-average t or specific identification?

D)Is a physical inventory count necessary for a company that uses the periodic inventory system?

E)Is a physical inventory count necessary for a company that uses the perpetual inventory system?