Rashid Corporation purchased chemicals for use in manufacturing a cleaning solvent. After manufacture, the cleaning solvent remained
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Rashid Corporation purchased chemicals for use in manufacturing a cleaning solvent. After manufacture, the cleaning solvent remained unsold. Where does the cost of the chemicals appear in the financial statements?
a. On the statement of financial position as a liability
b. On the statement of financial position as inventories
c. On the statement of comprehensive income as a sales expense
d. On the statement of comprehensive income as revenue LO1.
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