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 that are on hand and available for sale or distribution are considered inventory. Accounts payable and accounts receivable refer to transactions involving money owed to and from a business, while cost of goods is the cost of producing the goods sold.

Richard Has in His Warehouse Some Raw Materials and Finished