Products that have been partially completed but require further processing are known as ____ inventory.
A) raw-materials
B) work-in-process
C) finished-goods
D) component-parts
E) processed-goods

Question

Quizplus · Accepted Answer

Work-in-process inventory refers to products that have been partially completed but require further processing before they can be considered finished goods. This inventory includes the cost of materials, labor, and overhead applied to the products but does not include finished goods that are ready for sale or raw materials that have not yet been used.

Products That Have Been Partially Completed but Require Further Processing