"The inventory valuation method that a firm use is always a primary concern when conducting an income statement analysis, irrespective of the type of business analyzed.” Do you agree or disagree with the statement? Justify your position and as part of your answer be sure to list and define the major inventory valuation methods.

"It is not possible for a firm to report a gross loss and net income from continuing operations for the same fiscal period." Do you agree or disagree with the statement? Justify your answer. It may be helpful, but not mandatory, to use hypothetical numbers to support your position.