List three types of goods that are classified as inventory.

Professional Research: Codification Research Case
Jones Co. is in a technology-intensive industry. One of its competitors recently introduced a new product with technology that might render some of Jones’s inventory obsolete. The accounting staff wants to follow the appropriate authoritative literature in determining the accounting for this significant market event.
Using your school’s subscription to the FASB Codification, go to the FASB Codification website, and prepare responses to the following. Provide Codification references for your answers.
Identify the primary authoritative guidance for the accounting for inventories.
List three types of goods that are classified as inventory. What characteristic will automatically exclude an item from being classified as inventory?
Define “market” as used in the phrase “lower-of-cost-or-market.”
Explain when it is acceptable to state inventory above cost and which industries allow this practice.
Response post: Evaluate at least one of your peers’ posts and either explain how you benefited from your peers’ information or how you could improve upon the posted information.

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