Question

complete the following statements with one of the terms listed here. you may use a term more than once, and some terms may not be used at all.
finished goods inventory \t\tinventory (merchandise) \t\tservice companies
manufacturing companies \t\tmerchandising companies \t\twork in process inventory
raw materials inventory \t\twholesalers

a. \t\treport three types of inventory on the balance sheet.

Explanation:

Manufacturing companies produce goods, so they track raw materials (unprocessed inputs), work in process (partially completed goods), and finished goods (completed ready-to-sell goods) as separate inventory types on their balance sheet. Other company types do not report all three inventory categories.

Answer:

Manufacturing companies