Define the Following Terms

question 6

Short Answer

Define the following terms
-correlation

---

Definitions:

Raw Materials Inventory

An account on the balance sheet that represents the cost of materials that have not yet been converted into finished products by a manufacturing company.

Finished Goods Inventory

The stock of final products that are ready to be sold but have not yet been sold to customers.

Cost Of Goods Manufactured

The total production cost of goods completed during a specific period, whether they are sold or not.

Cost Of Goods Sold

Direct costs attributable to the production of the goods sold by a company, including material and labor costs.