Which is a incorrect statement below? A. Change in revaluation surplus is an OCI that will be reclassified to retained earnings. B. An entity may present its comprehensive income using a single statement approach. C. Gain or loss from translating financial statements of a foreign operation is an OCI that will be reclassified subsequently to retained earnings.

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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.