Question: 1. Do you think the "broad principles" of ARS 3 are really principles as that term is used in science?
2. "Assuming all other things equal, it is possible that the lower-of-cost-or-market method can result in any given year in higher income than would be the case under the same inventory tosting method without the use of lower-of-cost-or-market. If so, then lower-of cost-or-market cannot be classified as a conservative method." Do you agree with these statements? Discuss.