Which of the following is/are false regarding inventory?

A. Inventory refers to goods and other items that a firm owns and holds for sale or for further processing as part of its operations.

B. Inventory is called "stock" in the U.S.

C. When the firm sells inventory, the carrying amount (cost) of that inventory becomes an expense.

D. Inventories are a major asset for merchandising and manufacturing firms.

E. None of the above