1. is not considered as an Inventory A) Assets intended to be sold in the normal course of business B) Equipment used in the manufacturing are sold C)Assets currently in production for normal sales D)Materials used in the production of goods to be sold 2.The retail firm will prefer to use as an inventory account titled. A)Inventory B)Raw Materials Inventory C)Merchandise (Finished Goods) Inventory D)Goods in Process Inventory Explain with correct option

1. is not considered as an Inventory A) Assets intended to be sold in the normal course of business B) Equipment used in the manufacturing are sold C)Assets currently in production for normal sales D)Materials used in the production of goods to be sold 2.The retail firm will prefer to use as an inventory account titled. A)Inventory B)Raw Materials Inventory C)Merchandise (Finished Goods) Inventory D)Goods in Process Inventory Explain with correct option

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 40E: Identify items missing in determining cost of goods sold For (a) through (e), identify the items...

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Question

1. is not considered as an Inventory

A) Assets intended to be sold in the
normal course of business

B) Equipment used in the
manufacturing are sold

C)Assets currently in production for
normal sales

D)Materials used in the production of
goods to be sold

2.The retail firm will prefer to
use as an inventory account titled.

A)Inventory

B)Raw Materials Inventory

C)Merchandise (Finished Goods)
Inventory

D)Goods in Process Inventory

Explain with correct option

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