Goods placed in inventory are initially recorded at:
A)market value.
B)the amount paid to acquire the asset.
C)the amount paid to prepare the asset for sale to customers.
D)the amount paid to acquire the asset and prepare it for sale.

Question

Quizplus · Accepted Answer

Goods placed in inventory are initially recorded at cost,which is the amount paid to acquire the asset and prepare it for sale.

Goods Placed in Inventory Are Initially Recorded At