Chapter 4, Problem 11DQ

To determine

Financial Statements: It is a official record of financial activities and position of a organization. It includes balance sheet, income statement, statement of changes in equity and cash flow statement.

Inventory: It means the materials or goods held by a business for the purpose of resale. It includes raw materials, work-in-progress and finished goods. It is reported as a asset in the asset side

To Identify: The title given by company to its inventory account and identify if detailed calculation of its cost of goods sold is given.