For a manufacturing company, the combination of the cost of raw materials, direct labor, and overhead for inventory that has not yet completed production is known as:
A) Work-in-process.
B) Finished goods.
C) Merchandise.
D) Retail goods.
Answer: Work-in-process.
A manufacturer's inventory consists of what type of inventory?
A) Raw materials.
B) Finished goods.
C) Work-in-process.
D) All of the other answers are included in a manufacturer's inventory.
Answer: All of the other answers are included in a manufacturer's inventory.
Cost of Goods Sold is:
A) An asset account.
B) A revenue account.
C) An expense account.
D) A permanent equity account.
Answer: An expense account.
