Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 9 - Using Your Judgment - Financial Statement Analysis Case - Case 2-Instructions - Page 542: a

Answer

There are probably no finished goods inventories because gold is a highly liquid commodity, and so it can be sold as soon as processing is complete.

Work Step by Step

Ore in stockpiles is classified as a non-current asset probably because processing takes more than one year.
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