Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or a service provider. Some items apply to more than one type of organization. 1. Merchandise inventory5. Operating expenses2. Finished goods inventory3. Cost of goods sold4. Selling expenses.6. Cost of goods manufactured.7. Supplies inventory8. Raw materials inventory

For given item, provide they apply to which organisation

Answered: 1. Merchandise inventory 5. Operating…

1. Merchandise inventory 5. Operating expenses 2. Finished goods inventory 3. Cost of goods sold 4. Selling expenses .6. Cost of goods manufactured .7. Supplies inventory 8. Raw materials inventory

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 14Q: Explain the difference between the flow of cost and the flow of goods as it relates to inventory.

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Question

Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or a service provider. Some items apply to more than one type of organization.

1. Merchandise inventory
5. Operating expenses
2. Finished goods inventory
3. Cost of goods sold
4. Selling expenses
.6. Cost of goods manufactured
.7. Supplies inventory
8. Raw materials inventory

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