Answered: Inventory for a manufacturer consists…

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Inventory for a manufacturer consists of raw materials, work in process, and finished goods. Describe about it.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Inventory for a manufacturer consists of raw materials, work in process, and finished goods. Describe about it.

Expert Solution

Step 1

Inventory:

Inventory refers to the raw materials, work-in process, and the finished goods products that are held by the business to sell or make it ready for sale, in the future date.

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