1. Definitions: Look these up in the Codification, copy, and paste, be sure to reference your source. Feel free to add your own words in addition to the quotes from the codification. Your own examples are a good way to expand your reply in your own words.
a) What is the definition of inventory?
(b) What is the definition of market as it relates to inventory?
(c) What is the definition of net realizable value?
2. Questions: Search the codification for information. In your own words, discuss the following:

List and describe three types of goods that are classified as inventory. What
characteristic will automatically exclude an item from being classified as inventory? Again, be sure to cite your sources. In addition to the codification, you may use other sources. The codification will be your primary source.

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