Richard has in his warehouse some raw materials and finished goods that he has ready to fill customer orders.These are two types of _____.

Question

Quizplus · Accepted Answer

Raw materials and finished goods held in a warehouse are typically considered as types of inventories. Trade and other payables are liabilities owed to suppliers, and trade receivables are assets representing money owed from customers. Cost of goods is an expense associated with producing the goods, rather than a type of asset held in inventory.

Richard Has in His Warehouse Some Raw Materials and Finished