1) Finished goods are a classification of inventory for a manufacturer that are completed and ready for sale.

True or False

2) Transactions that affect inventories on hand have an effect on both the statement of financial position and the income statement.

True or False

3) The value of ending inventory is the _________of-Cost-or-Net Realizable Value

a) higher

b) amount

c) lower

d) none of the answers are correct