Question: Cite the complete FASB Codification reference used for the explanation of interim reporting relating to SEC-register companies. Explain whether it is acceptable for an SEC-registered

Cite the complete FASB Codification reference used for the explanation of interim reporting relating to SEC-register companies.

Explain whether it is acceptable for an SEC-registered company to state the impracticality of determining components of inventory using the gross profit method in their interim reporting. Consider the following question to guide your response:

Is it acceptable?

Would a public company count inventories during each interim period?

Will management be able to make reasonable estimates of inventory estimates? Why or why not?

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