* You received no credit for this question in the previous attempt. Knowledge Check 01 Which of the following statements about the types of inventory is (are) correct? (Select all that apply.) Check All That Apply Merchandising companies produce the goods they sell to customers. When the manufacturing process is complete, the cost of the related inventory items is transferred into finished goods. Inventory is classified as an asset in the balance sheet until it is sold, at which time the cost is transferred to cost of goods sold in the income statement. Costs necessary to get inventory in condition and location for sale are not included as a cost of inventory