In the Manufacturing Firm, Inventories Consist Of

question 57

Multiple Choice

In the manufacturing firm, inventories consist of:

• A) raw materials, cost of goods manufactured during the period and finished goods.
• B) raw materials, work in process and finished goods.
• C) raw materials, finished goods and cost of goods sold.
• D) cost of goods manufactured and cost of goods sold.

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Definitions:

Bureaucracy

A system of administration characterized by strict policies, procedures, and hierarchy, often within large organizations.

Organic Organisation

A type of organizational structure that is more flexible and adaptable, characterized by less formalization, wide spans of control, and decentralized decision-making.

Legitimate Authority

The right to lead or command, based on a recognized and accepted position of power within social, legal, or organizational structures.

Scientific Management

A management theory that emphasizes optimizing efficiency through systematic study and analysis of work processes.