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Ch $7$ Practice Quiz

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Item$3$

Item $3$

Which of the following statements about inventory classifications is not correct?

Multiple Choice

Inventory may include materials used in producing goods for sale.

Manufacturers hold three types of inventory that are referred to as raw materials inventory, work in process inventory, and finished goods inventory.

Inventory is classified as a long$-$term asset on the balance sheet.

Merchandisers buy inventory in finished form ready for resale.

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