LEARNING ACTIVITY 1.2 Questions 1. Complete the following statements with one of the terms listed below. A term may be used once, more than once, or not at all. • Unfinished goods • Service organisations Finished goods inventory Manufacturing organisations • 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 labour to convert raw material into finished goods.

LEARNING ACTIVITY 1.2 Questions 1. Complete the following statements with one of the terms listed below. A term may be used once, more than once, or not at all. • Unfinished goods • Service organisations Finished goods inventory Manufacturing organisations • 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 labour to convert raw material into finished goods.

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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Complete the following statements with one of the terms listedbelow. A term may be used once, more than once, or not at all.• Finished goods inventory• Manufacturing organisations• Merchandising companies• Unfinished goods• Service organisations(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 labour to convert rawmaterial into finished goods
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