Which of the following statements concerning inventory is correct?
a) inventory is reported as a current asset because it will be converted into cash within a year of the balance sheet date.
b) inventory is not reported as a current asset. inventory is a non-current asset because it is held for sale in the ordinary course of business and is not available to meet current obligations.
c) inventory is reported as a current asset because it has been sold.

Stormie zanzibar owns a bakery in the fictitious country of olombia. each month the government’s market ministry mails her a large list of the regulated price of goods which include products like bread, muffins and flat bread. the list also dictates the types of goods she can sell at the bakery and what she is to charge. because of the regulations placed on these goods, stormie has increased her production of sweets, pies, cakes, croissants and buns and decreased her supply of breads, muffins and flat bread. she has taken these steps because the sweet goods’ prices are not government controlled. stormie zanzibar lives under what type of economy?