merchandise inventory is reported in the long - term assets section of the balance sheet. true or false true…

Answer:

False

Brief Explanations:

Merchandise inventory is a current asset, not a long - term asset. Current assets are expected to be converted into cash, sold, or consumed within one year or the operating cycle (whichever is longer). Merchandise inventory is held for sale in the ordinary course of business and is expected to be sold within a relatively short period (usually within a year for most businesses), so it belongs in the current assets section of the balance sheet.