What are the three elements of a manufacture1QuestionWhat are the three elements of a manufacturer's inventory account at various stages of production? Question 5Select one: a. Raw Materials, Labour, Overhead b. There is no Inventory account for a manufacturer c. Raw Materials, Work in Progre...
What are the three elements of a manufacturer's inventory account at various
stages of production? Question 5Select one: a. Raw Materials, Labour,
Overhead b. There is no Inventory account for a manufacturer c. Raw Materials,
Work in Progress, Finished Goods d. Raw Materials, Work in Progress,
Overhead
Answer & Explanation
The correct answer is: c. Raw Materials, Work in Progress, Finished Goods
Explanation:
1. Raw Materials: This is the inventory account that includes all the basic
materials and components that are used to produce goods. These are the
inputs that have not yet been put into production.
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