Information and the Accounting Process Stanwood Grain Supply Company purchases soybeans and corn from farmers in the Midwest and transports them by rail and barge to New Orleans for shipment overseas. It has approximately fifty locations that purchase and store grain.

a. What attributes of the soybeans currently held by Stanwood are measurable?

b. Why is classification and accumulation important in determining the amount to be reported by Stanwood as its grain on hand?

c. Why is summarization important in developing the financial statements for Stanwood?