ACCT 3303 Chapter 10

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24 Terms

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Inventory

Is a Balance Sheet line item that includes all
items used in the creation of products. Can be classified as raw materials, work in process, and finished goods.

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Raw materials

Any components that are used in the creation
of a product

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Work in process

Products that are in the process of being manufactured

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Finished goods


Products that are ready to ship to customers

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Inventory controls department

manages inventory and is responsible for ensuring that there is an optimal amount of inventory on hand

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