Asked by Danela Maceda on May 31, 2024
Verified
A manufacturing firm would not normally have an account titled
A) Goods in Process Inventory
B) Raw Materials Inventory
C) Merchandise Inventory
D) Finished Goods Inventory
Merchandise Inventory
Merchandise Inventory consists of products that a company buys to resell at a profit. It is often one of the largest current assets for businesses that sell physical goods.
Goods In Process Inventory
Items that are partially completed in the production process; not yet finished goods but not raw materials.
Raw Materials Inventory
Raw Materials Inventory is the stock of materials that are on hand and available for use in the production process.
- Comprehend the kinds and objectives of distinct inventory accounts in the retail, manufacturing, and various business sectors.
Verified Answer
Learning Objectives
- Comprehend the kinds and objectives of distinct inventory accounts in the retail, manufacturing, and various business sectors.
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