ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Manufacturing business will hold inventories in three distinct forms:
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Raw materials, work in progress, finishes goods
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Finishes goods, unsold goods, half raw materials
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -The three most important types of inventory are the raw materials, the work in progress (WIP) inventory, and the finished goods.
Detailed explanation-2: -Inventory is a current asset account found on the balance sheet, consisting of all raw materials, work-in-progress, and finished goods that a company has accumulated. Ending inventory may be calculated using the FIFO method, the LIFO method, specific identification, and the weighted average method.
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