The Inventory Master Data Normally Contains Standing Data About Each

question 107

True/False

The inventory master data normally contains standing data about each customer, such as name, billing and ship-to addresses, and telephone number.

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Definitions:

Goods In Process Inventory

Items that are partially completed in the production process; not yet finished goods but not raw materials.

Raw Materials Inventory

Raw Materials Inventory is the stock of materials that are on hand and available for use in the production process.

Finished Goods Inventory

Products that have completed the manufacturing process and are ready to be sold to customers.

Weighted Average Cost

A method of calculating the cost of goods sold and ending inventory cost by taking into account the cost of goods purchased at varying prices.