Goods a Company Acquires to Use in Making Products Are

question 137

Multiple Choice

Goods a company acquires to use in making products are called:

• A) Cost of goods sold.
• B) Raw materials inventory.
• C) Finished goods inventory.
• D) Goods in process inventory.
• E) Conversion costs.

---

Definitions:

Quantity Supplied

The amount of a commodity that producers are willing to sell at a particular price over a given period of time.

Supply

The total amount of a product or service that is available to consumers at a given price level.

Quantity Supplied

The volume of a commodity or service suppliers are prepared and able to market at a certain price.

Supply

The total amount of a good or service that is available for purchase at various price levels during a specified time period.