Products that have been completed and are ready to be sold by the manufacturer are called:
A)Finished goods inventory.
B)Work in process inventory.
C)Raw materials inventory.
D)Cost of goods sold.
E)Factory supplies.

Question

Quizplus · Accepted Answer

Finished goods inventory refers to products that have been completed and are ready to be sold by the manufacturer. Work in process inventory refers to products that are currently being produced but are not yet finished. Raw materials inventory refers to the materials that are used to produce the products. Cost of goods sold refers to the cost of producing and selling the products. Factory supplies refer to the materials and supplies used in the production process.

Products That Have Been Completed and Are Ready to Be