Learn more about useful life and depreciation. Includes depreciation for equipment and the estimated useful life of equipment and more.
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Consider the diagram below: Costs on Financial Statements. Product costs are treated as inventory Inventory Inventory is a current asset account found on the balance sheet, consisting of all raw materials, work-in-progress, and finished goods that a (an asset) on the balance sheet and do not appear on the income statement as costs of goods sold until the product is sold.
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