Inventories are asset items held for sale in the ordinary course of business or goods that...
Inventories are asset items held for sale in the ordinary course of business or goods that will be used or consumed in the production of goods to be sold. What do you think?
Homework Answers
Inventories are current assets it includes finished goods, raw materials and work in progress
Finished goods are held for sale in the ordinary course of business, raw materials are used to produce the finished goods and work in progress inventory is an partially completed and waiting to get completed.
Inventories one of the main assets to the business and is classified as current asset on the balance sheet. Inventory turnover is the major source of income to the business.
Inventory is calculated by using different methods like LIFO, FIFO and average inventory method etc. Inventory calculated is used in the calculation of cost of goods sold..
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