For Each of the Following Types of Inventory, Enter a Letter

question 130

Short Answer

For each of the following types of inventory, enter a letter to indicate the type of business in which the inventory is more likely to appear.
Type of Business:
A. Retail
B. Manufacturing

Type of Inventory
1. Raw materials.
2. Merchandise.
3. Finished goods.
4. Work in progress.

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Definitions:

Free Trade

The absence of tariffs, duties, and other governmental barriers to international trade, allowing goods and services to move more freely across borders.

Soybeans

A species of legume native to East Asia, widely grown for its edible bean which has numerous uses in food, oils, and as a source of protein.

Domestic Price

The price of goods or services within a country's borders, unaffected by international trade factors.

World Price

The international market price at which goods, services, or commodities are bought and sold across countries.