Question

Merchandise without an expiration date like electronics, tools and home goods typically have a longer

Answer 1

Answer:

Shelf life.

Explanation:

In Business, an inventory is a term used to describe a list of finished goods, goods still in the production line and raw materials that would be used for the manufacturing of more goods in a bid to meet the unending consumer demands.

Simply stated, an inventory can be classified into three (3) main categories; finished goods, work in progress, and raw materials.

An inventory is recorded as a current asset on the balance sheet because it's primarily the most important source of revenue for a business entity.

Also, the three (3) main cost concept associated with an inventory are;

1. First In First Out (FIFO).

2. Last In First Out (LIFO).

3. Weighted average cost.

Shelf life can be defined as a measure of the length of time that a particular product could be kept or stored without it getting bad or becoming unsuitable for use by the consumers. Thus, the shelf life of a product is largely dependent on its expiration date.

Hence, merchandise without an expiration date like electronics, tools and home goods typically have a longer shelf life.