Another title for goods in process inventory is:
A) Indirect materials inventory.
B) Work in process inventory.
C) Conversion costs.
D) Direct materials inventory.
E) Raw materials inventory.

Question

Quizplus · Accepted Answer

Work in process inventory is another title for goods in process inventory, as it refers to products that are currently being worked on in the production process but are not yet completed. Indirect materials inventory refers to materials that are used in the production process but are not directly incorporated into the final product, while direct materials inventory refers to materials that are used directly in the final product. Conversion costs refer to the costs incurred in converting raw materials into finished products, including direct labor and manufacturing overhead. Raw materials inventory refers to the materials that are necessary to produce the final product but have not yet been used in production.

Another Title for Goods in Process Inventory Is