Where Is the Ending Work-In-Process Inventory Deducted

question 101

Multiple Choice

Where is the ending work-in-process inventory deducted?

• A)on the balance sheet
• B)on the statement of cost of goods manufactured
• C)on the income statement
• D)on the statement of cash flows

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Definitions:

Primary Sector

Refers to the part of the economy that is involved in the extraction and production of raw materials, such as mining, agriculture, and forestry.

Farming

The practice of cultivating plants and livestock to produce food, fiber, and other products.

Fishing

The activity of catching fish, either for commercial, recreational, or subsistence purposes.

Logging

The process of cutting down trees, removing branches and foliage, and transporting timber for processing or sale.