Question

Which of the following categories of inventory are generally reported by companies in their financial statements?

Q: Answer-Which of the following categories of inventory are generally reported by companies in their financia...

As per accounting standards e.g., Ind AS 2 Inventories, companies typically classify and report inventory under three main categories 1. Raw materials Items consumed in the production process including consumable stores. 2. Work-in-progress WIP Goods that are partially completed and still undergoing production. 3. Finished goods Goods fully manufactured or completed and held for sale in the ordinary course of business.