1.What are the three primary inventory cost flow assumptions? 2. How is cost of goods sold calculated in each of the inventory cost flow assumptions?  3. How does the specific identification method differ from these three primary inventory cost flow assumptions?  explain in good detail responses for each one of the questions

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.