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1. Inventories are assets held for sale in the ordinary course of business or in production for such sale. They are classified as current assets. 2. Examples of inventory include raw materials, work in progress, and finished goods for a manufacturing concern. Merchandise inventory is not considered inventory for a service provider. 3. Inventories are initially measured at cost and subsequently measured at the lower of cost or net realizable value. Cost includes purchase price and costs to bring the inv

Author

Ems Teope

Language

EN