Which of the following statements regarding merchandise inventory is true?

Which of the following statements regarding merchandise inventory is true?

The following statements regarding merchandise inventory are true except: Merchandise inventory is reported on the balance sheet as a current asset. Merchandise inventory refers to products a company owns and intends to sell. Merchandise inventory may include the costs of freight in and making them ready for sale.

Which of the following statements is correct regarding the adjusting entries for a merchandiser versus a service company?

Which of the following statements is correct regarding the adjusting entries for a merchandiser versus a service company. All of the statements are correct. A service company will have an adjusting entry for accrued expenses. A merchandising company will have an adjusting entry for accrued expenses.

Which statement below correctly explains what merchandise inventory is?

Which statement below correctly explains what merchandise inventory is? Merchandise inventory is an asset reported on the balance sheet and contains the cost of products purchased for sale.

What does merchandise inventory include?

The term merchandise inventory includes the value of goods, including raw materials or finished goods, that are ready to be sold to customers.

Which of the following is true about a merchandising company?

The only one answer correct: A merchandising company’s business is to buy and sell products. A merchandising company’s business is to buy and sell products. 1.

What is considered merchandise inventory quizlet?

Merchandise inventory is finished goods that are held for sale to customers. Costs that are included in “merchandise inventory” include the cost of the product, transportation-in costs, packaging costs, transit insurance, etc.