Which Beginning and Ending Inventories Appear on a Cost of Goods

question 52

Multiple Choice

Which beginning and ending inventories appear on a cost of goods manufactured schedule?

• A)raw materials only
• B)raw materials and work in process only
• C)raw materials, work in process, and finished goods
• D)work in process only

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Definitions:

Credit Terms

The conditions under which credit will be extended to a borrower, including repayment schedule, interest rate, and the timeframe of the loan.

Merchandise

Goods or products that are bought, sold, or traded in the course of business operations.

Payment

The transfer of money or goods from one party to another in exchange for goods, services, or to fulfill a contractual obligation.

Discount

denotes a reduction in the price of goods or services typically offered for promotional reasons or to certain groups of customers.