FASB Codification Exercise # $4$:

Prepare responses to the following and provide codification references for your responses.

Due to increases in the purchase price of raw material used in its products, Lamont Company believes it should record some of its inventory above cost. Answer the following questions with respect to this situation.

What guidance does the Codification provide concerning reporting inventories above cost? $($Hint: search for Inventory in Master Glossary and then find the relevant subtopic.$)$

$\backslash$table$[[$FASB Guidance,FASB Code Reference$],[,]]$