Asked by Olivia Yslas on May 28, 2024
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The inventory accounts generally maintained by a manufacturing firm are only finished goods and materials.
Inventory Accounts
Accounts that track the value of a company's inventory, including raw materials, work-in-progress, and finished goods.
Finished Goods
Products that have completed the manufacturing process and are ready to be sold to customers.
Materials
Refers to the raw inputs or supplies used in the manufacturing or production of goods.
- Understand the function of continuous inventory systems along with the management of control accounts and supplementary ledgers within job order costing.
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Learning Objectives
- Understand the function of continuous inventory systems along with the management of control accounts and supplementary ledgers within job order costing.
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