Asked by itzel torres on Jul 12, 2024
Verified
Items waiting to be used in production are considered to be
A) raw materials.
B) work in progress.
C) finished goods.
D) merchandise inventory.
Work in Progress
Inventory that has begun the manufacturing process but is not yet completed.
Merchandise Inventory
The total cost of all the goods a company intends to sell to customers that are available at any given time, reflected as a current asset on the balance sheet.
Raw Materials
Relates to the basic substances in their natural, modified, or semi-processed states used as inputs for manufacturing finished goods.
- Understand the different categories of inventory and their roles within production and accounting.
Verified Answer
Learning Objectives
- Understand the different categories of inventory and their roles within production and accounting.
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