Open the 2019 annual report from Big Rock Brewery.

Find the Notes to the Consolidated Financial Statements. In particular, find Note 3 - Summary of Significant Accounting Policies. Let's look further - find Note 3.2 Revenue Recognition.

Which of the following statements is true? )

1.Depreciation is never taken

2.Revenue is recognized either at a point in time or over a period of time, and when the revenue can be measured reliably

3.Revenue is not recognized

4.Inventories are valued using LIFO