1. Safeguarding the list from damage or theft2. Report inventory in the gaue won statements
count of inventory have to be close to year-end to make sure that the quantity of inventory is reported in the jae won statements is accurate.

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when the same units of merchandise are acquired at different unit prices during a period. In such cases, when an item is sold, it is essential to recognize its costs using a expense flow assumption and also related inventory cost flow method.
the first units purchased are assumed to it is in sold, and also the finishing inventory is made up of the many recent purchases
the last units room assumed to it is in purchased and the finishing inventory is consisted of of the first purchases.

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if the cost of replacing inventory is reduced than that recorded acquisition cost, the lower of price or market an approach is provided to value the inventory.
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