Which of the following information concerning inventory is not required to be disclosed in the external financial reports?

Question

Quizplus · Accepted Answer

Inventory turnover ratio is not required to be disclosed in the external financial reports, although it may be included as supplementary information. However, information about the types of inventory (finished goods and work in process) as well as the method of valuation (such as FIFO or weighted average) is required to be disclosed in the financial reports.

Which of the Following Information Concerning Inventory Is Not Required