Answer
1) They are owned by the company.
2) They are in the form ready for sale to customers in the
ordinary course of business.
Work Step by Step
The two characteristics an item should have, to be classified.
Accounting: Tools for Business Decision Making, 5th Edition
by Kimmel, Paul D.; Weygandt, Jerry J.; Kieso, Donald E.
Published by
Wiley
ISBN 10:
1118128168
ISBN 13:
978-1-11812-816-9
Chapter 6 - Reporting and Analyzing Inventory - Questions - Page 313: 2
Update this answer!
You can help us out by revising, improving and updating this answer.
Update this answerAfter you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.
