Which of the following represents the correct order in which inventories are reported on a manufacturer's balance sheet?
A)Raw materials, work in process, finished goods
B)Work in process, finished goods raw materials
C)Finished goods, work in process, raw materials
D)Work in process, raw materials, finished goods

Question

Quizplus · Accepted Answer

Raw materials are the initial inventory item and are followed by work in process (items being manufactured) and finally finished goods (completed items ready for sale). This sequence represents the chronological order of production.

Which of the Following Represents the Correct Order in Which