The detailed individual data from the inventory subsidiary ledger are summarized in the
A) gross profit.
B) cost of goods sold.
C) merchandise inventory control account.
D) accounts payable control account.

Question

Quizplus · Accepted Answer

The inventory subsidiary ledger contains detailed information about each inventory item, such as quantity on hand, costs, and descriptions. This detailed information is summarized in the merchandise inventory control account, which is part of the general ledger and reflects the total value of inventory on hand.

The Detailed Individual Data from the Inventory Subsidiary Ledger Are