The accounts in the inventory process are
A)inventory
B)purchasing
C)allowance to reduce inventory to LIFO value
D)receiving
E)allowance to increase inventory to market value
F)both A and C
G)both B and D
H)both D and E

Question

Quizplus · Accepted Answer

During the inventory process, the main accounts involved are the inventory account and the allowance account used to reduce inventory to LIFO value. These two accounts are covered in choice F. Therefore, the best choice is F.

The Accounts in the Inventory Process Are