QUESTION 1. Access the glossary (Master Glossary) to answer the following: According to the definition for inventory, what are the three characteristics of tangible personal property that qualify items to be classified as inventory? What is specifically excluded from being defined as inventory?

QUESTION 2. According to ASC 470-40-05-02, what is a sale with a repurchase agreement considered? What term is often used to describe these type of transactions? (hint: its in the textbook in Chapter 8 and I discussed this in class) FOR

QUESTIONS 3-5, provide Codification references in format of ASC XXX-YY-ZZ-** where XXX represents the Topic number, YY the Subtopic number, ZZ the Section number, ** the paragraph number QUESTION 3. According to the Codification, what is given as an example of an exceptional case when it is acceptable to state inventory, after initial measurement, above cost?

QUESTION 4. Where in the Codification does it state that the SEC requires the disclosure, either in the balance sheet or in the notes, of the amounts of major classes of inventory such as finished goods, inventoried costs relating to long-term contracts or programs, work in process, raw materials, etc.?

QUESTION 5. Your audit client, Footlocker, wants to revalue its inventory of Kobe Bryant jerseys to reflect their new, higher sales price. Is this permissible under U.S. GAAP? Quote the relevant language from the Codification in explaining your answer and include the relevant Codification references in XXX-YY-ZZ-** forma