Products that are in the process of being manufactured but are not yet complete are called:
A)Raw materials inventory.
B)Conversion costs.
C)Cost of goods sold.
D)Work in process inventory.
E)Finished goods inventory.

Question

Quizplus · Accepted Answer

Work in process inventory consists of products that are in the process of being manufactured but are not yet complete. Raw materials inventory consists of materials that have not yet been put into production, conversion costs are costs associated with converting raw materials into finished products, cost of goods sold is the cost of products that have already been sold, and finished goods inventory consists of completed products ready for sale.

Products That Are in the Process of Being Manufactured but Are