The list of items that may or may not be reported as inventory in a company's December 31 financial position is presented below. Indicate which of these items would typically be reported as inventory in the financial statements. If an item is not reported as inventory, indicate how it should be reported in the financial statements. 1.Materials on hand not yet placed into production by a manufacturing firm. 2.Office supplies. 3.Raw materials on which a manufacturing firm has started production but which are not completely processed. 4.Factory supplies. 5.Goods held on consignment from another company.
The list of items that may or may not be reported as inventory in a company's December 31 financial position is presented below. Indicate which of these items would typically be reported as inventory in the financial statements. If an item is not reported as inventory, indicate how it should be reported in the financial statements. 1.Materials on hand not yet placed into production by a manufacturing firm. 2.Office supplies. 3.Raw materials on which a manufacturing firm has started production but which are not completely processed. 4.Factory supplies. 5.Goods held on consignment from another company.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The list of items that may or may not be reported as inventory in a company's December 31 financial position is presented below. Indicate which of these items would typically be reported as inventory in the financial statements. If an item is not reported as inventory, indicate how it should be reported in the financial statements.
1.Materials on hand not yet placed into production by a manufacturing firm.
2.Office supplies.
3.Raw materials on which a manufacturing firm has started production but which are not completely
processed.
4.Factory supplies.
5.Goods held on consignment from another company.
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