Another Title for Goods in Process Inventory Is

question 161

Multiple Choice

Another title for goods in process inventory is:

• A) Indirect materials inventory.
• B) Work in process inventory.
• C) Conversion costs.
• D) Direct materials inventory.
• E) Raw materials inventory.

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Definitions:

Merchandise Inventory Account

An account on a company's balance sheet that represents the products that a retail or wholesale company plans to sell.

Units of Inventory Purchased

The total quantity of items bought for resale or use in production during a specific period.

Accounts Payable

Liabilities of a company or organization for goods or services that have been received but not yet paid for.