Finished goods inventory is reported on the

A) income statement as a period cost
B) balance sheet as a long-term asset
C) balance sheet as a current asset
D) income statement as revenue

Finished goods inventory is a current asset and is reported on the balance sheet as it is expected to be sold within a year. It is not reported as a period cost on the income statement or as revenue since it represents the cost of producing goods that have not yet been sold. It is also not reported as a long-term asset as it is expected to be sold within a year.