Complete the following statements with one of the terms listed below. A term may be used once, more than once, or not at all. Finished goods inventory • Unfinished goods Manufacturing organizations • Service organizations Merchandising companies (a) All -------------- typically have a single category of inventory. (b) -------------- do not have tangible products purchased for resale. (c) -------------- resell ready-made products. (d) The inventory of a manufacturer includes raw material, --------- and ----------. (e) -------------- use their plant, machinery and labor to convert raw material into finished goods. Distinguish among service, merchandising and manufacturing companies. What are the Inventoriable costs of a merchandising business? Explain the term “period costs”.
Complete the following statements with one of the terms listed below. A term may be used once, more than once, or not at all. Finished goods inventory • Unfinished goods Manufacturing organizations • Service organizations Merchandising companies (a) All -------------- typically have a single category of inventory. (b) -------------- do not have tangible products purchased for resale. (c) -------------- resell ready-made products. (d) The inventory of a manufacturer includes raw material, --------- and ----------. (e) -------------- use their plant, machinery and labor to convert raw material into finished goods. Distinguish among service, merchandising and manufacturing companies. What are the Inventoriable costs of a merchandising business? Explain the term “period costs”.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Complete the following statements with one of the terms listed below. A term may be used once, more than once, or not at all.
- Finished goods inventory • Unfinished goods
- Manufacturing organizations • Service organizations
- Merchandising companies
(a) All -------------- typically have a single category of inventory.
(b) -------------- do not have tangible products purchased for resale.
(c) -------------- resell ready-made products.
(d) The inventory of a manufacturer includes raw material, --------- and ----------.
(e) -------------- use their plant, machinery and labor to convert raw material into finished goods.
Distinguish among service, merchandising and manufacturing companies.
What are the Inventoriable costs of a merchandising business?
Explain the term “period costs”.
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