Each of the following items pertains to one of these companies: Bedell Electronics (a manufacturing company), Gregory Food Retailers (a merchandising company), and Larson Real Estate (a service sector company). Classify each item as either inventoriable (I) costs or period (P) costs.
Definitions:
Implied Warranty
A legal assurance in a transaction that the goods or services sold meet certain standards even if not explicitly stated.
Lease
A contractual agreement by which one party conveys property, services, or land to another party for a specified period of time, in return for periodic payments.
UCC
Uniform Commercial Code; a comprehensive set of laws governing all commercial transactions in the United States.
Copyright
A legal right granted by the state to the creator of an original work, allowing exclusive publication, distribution, and use for a specified period.
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