160. What is the effect of an error in the ending inventory balance on the accounts reported in the income statement? 161. Explain how the inventory turnover ratio and the days’ sales in inventory...

160. What is the effect of an error in the ending inventory balance on the accounts reported in the income statement?

161. Explain how the inventory turnover ratio and the days’ sales in inventory ratio are used to evaluate inventory management.

162. Identify and describe the four inventory valuation methods.

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

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