Items in inventory may exist in any of the following forms except one. This one exception is
A) raw materials.
B) work-in process.
C) finished goods.
D) supplies.
E) labor.

Question

Quizplus · Accepted Answer

Labor is not considered a form of inventory. Inventory typically consists of tangible items such as raw materials, work-in-process, finished goods, and supplies that are held for sale or use in the production process. Labor, on the other hand, refers to the human effort involved in the production process and is not a tangible item that can be stored or inventoried.

Items in Inventory May Exist in Any of the Following