Inventory: It refers to the total stock of such goods or items which are held by the business organizations with the purpose of sale. To explain: The two characteristics of an item which classify it as inventory.

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Chapter 6, Problem 2Q

To determine

Inventory: It refers to the total stock of such goods or items which are held by the business organizations with the purpose of sale.

To explain: The two characteristics of an item which classify it as inventory.

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