Hampton Co. took a physical count of its inventory on December 31. In addition, it had to decide whether or not the following items should be added to this count.
Indicate which items should be added to (answer: yes) and which items should not be added to (answer: no) the December 31 inventory count.
Definitions:
Manufacturing Production
The process of converting raw materials or components into finished goods through the use of machinery and labor in factories.
Means of Production
The resources, such as land, factories, and tools, required for the production of goods and services.
Proletariat
In Marx’s usage, is the working class. Members of the proletariat perform physical labor but do not own means of production. They are thus in a position to earn wages.
Lumpenproletariat
A term used primarily in Marxist theory to describe the lower strata of the working class, including those who are unemployed or unemployable due to the lack of necessary skills.
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