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8 April, 12:02

Which one of the following statements is true?

a. A service company will normally have work in process as an inventory account classification.

b. A manufacturing company will normally have raw materials, work in process, and finished goods as inventory account classifications.

c. All of these A merchandising company will normally have raw materials as an inventory account classification.

d. None of these

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Answers (1)
  1. 8 April, 12:26
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    b. A manufacturing company will normally have raw materials, work in process, and finished goods as inventory account classifications.

    Explanation:

    A manufacturing unit will generally follow, three step completion of goods while manufacturing, as in primary state the company requires raw material for processing it and making it finished good.

    After that the goods are processed and as all goods require some further time to process, some goods remain in between some stage called, work in process, where some processing is done, and some is left.

    The last stage is to become a finished good, once the goods are completed, it is called finished goods and then goods are aimed to be sold.

    Therefore, correct statement is statement B.
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