The current assets of a company include all those assets that can be converted into cash within a year. Inventory is a current asset for the company. The inventory includes the raw material, work-in-process, and finished goods inventory. To calculate: The amount of cost in raw material, work-in-process, and finished goods inventory account.

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Chapter 19, Problem 1EYCT

To determine

Introduction: The current assets of a company include all those assets that can be converted into cash within a year. Inventory is a current asset for the company. The inventory includes the raw material, work-in-process, and finished goods inventory.

To calculate: The amount of cost in raw material, work-in-process, and finished goods inventory account.

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