ACC 304 All Assignments ACC 304 All Assignments | Page 71

MULTIPLE CHOICE—Conceptual
21. Which of the following inventories carried by a manufacturer is
similar to the merchandise inventory of a retailer?
a. Raw materials.
b. Work-in-process.
c. Finished goods.
d. Supplies.
22.
Where should raw materials be classified on the balance sheet?
a. Prepaid expenses.