An item must possess two characteristics to be classified as inventory

Marketing Dec 20, 2020

An item must possess two characteristics to be classified as inventory. What are these two characteristics?

Expert Solution

Inventory of a merchandising firm is the concept used in accounting to describe the finished goods acquired by a firm with the purpose of reselling them to third parties. Based on this description, an item must have the following two main characteristics to be considered an inventory item: the goods must be own by the firm and the goods must be ready for sale to customers.

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