Question: Please answer each item. The book reference is Intermediate Accounting 1 by Valix. Topic: Lower of Cost and Net Realizable Value 1. What is net

Please answer each item.

The book reference is Intermediate Accounting 1 by Valix.

Topic: Lower of Cost and Net Realizable Value

1. What is net realizable value?

2. How is the measurement at LCNRV applied to inventory?

3. Explain the accounting for inventory writedown.

4. Explain the two methods of accounting for inventory writedown.

5. What are purchase commitments?

6. When is a loss on purchase commitment recognized?

7.When is a gain on purchase commitment recognized?

8. What are the necessary disclosures with respect to inventory?

9. Explain the measurement of agricultural, forest and mineral products at certain stages of production

10. Explain measurement of commodities of broker-traders.

Please answer in full detail because I need to understand this. I am so behind with my lessons right because of works. I hope you understand.

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