Response to the following questions:
1. When should inventory be valued at the lower of cost or market?
2. When firms cannot count their inventory, how do they determine how much inventory is on hand for the financial statements?
3. Inventory Identification
Which one of the following is not an example of inventory?
a. Cranes at a construction site
b. Books on the shelves of a bookstore
c. Apples in a supermarket
d. Screws to be used in assembling tables at a carpentry shop
e. Computer software for sale at a computer store