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The document discusses inventories and their effect on financial statements. It defines inventories as items held for sale or for use in production. Inventories are divided into merchandise inventories for retailers and raw materials, work-in-process, and finished goods inventories for manufacturers. Ending inventory affects income statements by impacting the calculation of cost of goods sold and gross profit. It also affects balance sheets by being reported within current assets and indirectly impacting ow

Author

Chalachew Eyob

Language

EN