147. Identify and describe the four inventory valuation methods. 148. Explain why the lower of cost or market rule is used to value inventory. 149. Discuss the important accounting features of a...

147. Identify and describe the four inventory valuation methods.

148. Explain why the lower of cost or market rule is used to value inventory.

149. Discuss the important accounting features of a periodic inventory system including accounts and procedures used.

150. Explain the difference between the retail inventory method and gross profit inventory method for valuing inventory?

151. Izzy and Coco Tihanyi founded Surf Diva. Why is managing inventory an important issue for their company?