Inventory is:
A)Items used to make a product including supplies,and items held for resale.
B)An expense when purchased and recognized as an asset when sold.
C)A product a business purchases,holds as an asset,and then resells to its customers.
D)A service we sell to our customers such as legal services.

Question

Quizplus · Accepted Answer

Inventory refers to products that a business purchases, holds as an asset, and then resells to its customers. It consists of finished goods or products that are in the process of being manufactured. Option A refers to raw materials, Option B refers to expenses and assets, and Option D refers to services provided by a business, which are not inventory.

Inventory Is