For Each of the Following, Identify in Column 1 the Category

question 105

Essay

For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, in column 3 the financial statement that the account in which the account balance is reported, and in column 4 the account's nature (permanent/temporary).
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Definitions:

Goods In Process Inventory

Partially finished goods that are still in the production process at the end of an accounting period.

Finished Goods Inventory

Products that have completed the manufacturing process but have not yet been sold to customers.