All of the following are classifications of inventory EXCEPT:
A)Raw materials
B)Finished goods
C)Sold goods
D)Work-in-process

Name: All of the following are classifications of inventory EXCEPT: A)Raw materials B)Finished goods C)Sold goods D)Work-in-process
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Question

All of the following are classifications of inventory EXCEPT:
A)Raw materials
B)Finished goods
C)Sold goods 
D)Work-in-process

Quizplus · Accepted Answer

Sold goods are not classified as inventory because they have already been sold to customers and are no longer held as a part of the company's inventory. Raw materials, work-in-process, and finished goods are all classifications of inventory.

All of the Following Are Classifications of Inventory EXCEPT