____ is defined as the goods that the organization keeps on hand for use in the production process up to the point of selling the final product to customers.
A) Inventory
B) Finished-goods
C) Raw materials
D) Work in process
E) All of these

Question

Quizplus · Accepted Answer

Inventory refers to all the goods or materials that a company holds in stock, including raw materials, work in process, and finished goods. However, in this specific context, the question mentions that the goods are kept for use in the production process, which implies that the inventory is referring to raw materials and work in process. The point of selling the final product to customers also suggests that the inventory does not include finished goods.

____ Is Defined as the Goods That the Organization Keeps