Chapter 1, Problem 25DQ

To determine

Inventories:

Inventories are finished goods, work in progress and raw materials held by the company during its ordinary course of business and are intended to be sold or utilizing them for further production of goods and services.

Raw Material Inventory:

Raw material inventory refers to feedstock or components own by the producer which are yet to be utilized in the production of finished goods.

Work in Progress Inventory:

Work in progress inventory represents the inventory which is undergoing the production process or partially completed units.

Finished Goods Inventory:

Finished goods inventory is the stock of goods which are fully processed or manufactured and also include goods purchased in a fully complete form. Finished goods inventory forms that part of the inventory which is utilized to fulfill the customer’s orders.

To identify: Titles and amounts of inventory components of the Company