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The term inventory indicates a Merchandise held for sale in the normal course of business b Materials in the process of production or held for production c Both a and b d neither a nor b?
Wiki User
∙ 14y ago
The correct answer is "c" - both merchandise and raw materials are considered inventory.
Wiki User
∙ 14y ago
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The term inventory indicates?
Merchandise held for sale in the normal course of business
What is merchandise inventory system?
Merchandise inventory:
When using a perpetual inventory system why are discounts credited to merchandise inventory?
The discounts reduce the cost of the merchandise inventory.
Under a perpetual inventory system acquisition of merchandise for resale is debited to?
Merchandise Inventory account
What type of account is Merchandise Inventory?
Merchandise Inventory is an asset account that shows up on the balance sheet.
The term inventory indicates?
Merchandise held for sale in the normal course of business
What type of inventory accounts would be used by a retailer?
A retailer would typically use several types of inventory accounts. These may include "Finished Goods Inventory" to track the products ready for sale, "Raw Materials Inventory" to monitor the materials used in production, "Work in Progress Inventory" to track partially completed products, and "Merchandise Inventory" to keep a record of goods purchased for resale. Additionally, there may be specific inventory accounts for perishable or seasonal items.
What is merchandise inventory system?
Merchandise inventory:
What does is mean by cost of goods sold?
COGS. An income statement figure which reflects the cost of obtaining raw materials and producing finished goods that are sold to consumers. Cost of Goods Sold = Beginning Merchandise Inventory + Net Purchases of Merchandise - Ending Merchandise Inventory.
When using a perpetual inventory system why are discounts credited to merchandise inventory?
The discounts reduce the cost of the merchandise inventory.
What is theMerchandise Inventory?
Merchandise Inventory is a stock of products on hand of a merchandise company intended for sale.
Under a perpetual inventory system acquisition of merchandise for resale is debited to?
Merchandise Inventory account
What type of account is Merchandise Inventory?
Merchandise Inventory is an asset account that shows up on the balance sheet.
How do you spell inventory?
That is the correct spelling of the word "inventory" (stock of merchandise).
What is the normal balance of the merchandise inventory account?
Merchandise Inventory is an asset account, so the normal balance is Debit.
Merchandise Inventory is found on the income statement. True or false?
It is true that merchandise Inventory is found on the income statement.
Finished goods inventory and merchandise inventory are the same?
YES
