Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term placing the letter designating the term in the space provided.
-_____ Cost of components that will become part of the finished product but have not yet been used in production.

Question

Quizplus · Accepted Answer

Raw materials are the components that will become part of the finished product but have not yet been used in production.

Answer: A
 Work-in-process inventory refers to the goods that have been partially completed but are not yet finished.

Answer: C
 Finished goods are the final product that is ready for sale to the customer.

Answer: E
 Manufacturing companies make their own products by assembling raw materials and converting them into finished goods.

Answer: B
 Merchandising companies buy finished goods from other companies and resell them to the customer. They do not produce their own products.

Listed Below Are Five Terms Followed by a List of Phrases