Which of the following accounts is reported on the balance sheet?
A)Raw Materials Inventory.
B)Work in Process Inventory.
C)Finished Goods Inventory.
D)All of these.

Question

Quizplus · Accepted Answer

All of these accounts are reported on the balance sheet as asset accounts to show the inventory value at each stage of production. Raw Materials Inventory shows the cost of materials available but not yet used in production, Work in Process Inventory shows the cost of partially completed goods, and Finished Goods Inventory shows the cost of completed goods that are ready for sale.

Which of the Following Accounts Is Reported on the Balance