Harvest Moon Produce has two hundred acres of apple and peach trees.Each year the company must adjust their inventory to fair value less costs to sell.The resulting gain or loss from this adjustment should be charged to:

Question

Quizplus · Accepted Answer

The resulting gain or loss from adjusting inventory to fair value less costs to sell should be charged to net income, as it reflects the current period's income or loss from changes in inventory value.

Harvest Moon Produce Has Two Hundred Acres of Apple and Peach