Concept: Merchandising Companies3m
Concept: Manufacturing Companies5m
Goods in the process of being manufactured, but not yet completed, are called:
a. work in process inventory.
b. raw materials inventory.
c. unfinished goods inventory.
d. merchandise inventory.
Which of the following describes the flow of product costs through the inventory accounts of a manufacturer?
a. raw materials, work in process, finished goods
b. raw materials, overhead, finished goods
c. raw materials, direct labor, overhead, finished goods
d. purchases, finished goods