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

Question

Quizplus · Accepted Answer

The accounts in the inventory process that are mentioned are inventory returns, purchasing, allowance to reduce inventory to LIFO value, receiving, and allowance to reduce inventory to market value. The allowance to reduce inventory to LIFO value and allowance to reduce inventory to market value both fall under the category of valuation methods for inventory accounting. Therefore, the best choice would be G, which includes both C and E.

The Accounts in the Inventory Process Are