7. Inventory excludes...A. Goods purchased for resaleB. Finished goods producedC. Construction works in progressD. Raw materials

Name: 7. Inventory excludes...A. Goods purchased for resaleB. Finished good
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Description: 7. Inventory excludes...A. Goods purchased for resaleB. Finished goods producedC. Construction works in progressD. Raw materials

The inventory is reported as current assets in the balance sheet at the end of period.

Answered: 7. Inventory excludes... A. Goods…

Business

Accounting

7. Inventory excludes... A. Goods purchased for resale 8. Finished goods produced C. Construction works in progress D. Raw materials

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 3MC: When inventory items are highly specialized, the best inventory costing method is ________. A....

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Concept explainers

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.

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7. Inventory excludes...
A. Goods purchased for resale
B. Finished goods produced
C. Construction works in progress
D. Raw materials

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