Asked by Jenifer Lalnunkimi on Jun 09, 2024
Verified
In the manufacturing firm, inventories consist of:
A) raw materials, cost of goods manufactured during the period and finished goods.
B) raw materials, work in process and finished goods.
C) raw materials, finished goods and cost of goods sold.
D) cost of goods manufactured and cost of goods sold.
Inventories
Items of merchandise, raw materials, work-in-progress, and finished goods that a company holds for the purpose of sale in the ordinary course of business.
Raw Materials
The basic materials from which products are manufactured or made, typically unprocessed or minimally processed states.
Work In Process
Goods partially completed in manufacturing but not yet ready for sale, representing a component of a company’s inventory.
- Identify and classify different types of inventories in manufacturing firms.
Verified Answer
Learning Objectives
- Identify and classify different types of inventories in manufacturing firms.
Related questions
________ Inventory Consists of Goods a Company Acquires to Use ...
Finished Goods Inventory Is Reported on the ...
The Three Major Manufacturing Inventories Do NOT Include Which of ...
Identify and Describe the Three Categories of Manufacturing Costs
Factory Supplies Expense, Depreciation Expense-Factory, and Heat, Light, and Power-Factory ...