The inventory account a manufacturer uses to record the cost of products completed and available for sale is called

Question

Quizplus · Accepted Answer

Finished goods inventory is the account used to record the cost of products that have completed production and are available for sale. Raw materials inventory refers to the cost of materials purchased but not yet used in production, while work in process inventory accounts for the cost of products that are still in the production process. Merchandise inventory is used by retailers to record the cost of goods available for sale.

The Inventory Account a Manufacturer Uses to Record the Cost