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In ________, inventory consists of freight-in and the cost of the product which is to be

In ________, inventory consists of freight-in and the cost of the product which is to be

 In ________, inventory consists of freight-in and the cost of the product which is to be resold.

A) a service company

B) a merchandising company

C) a manufacturing company

D) all of these companies

22) Which type of company has the highest percentage of labor costs?

A) Service company

B) Merchandising company

C) Manufacturing company

D) All companies have a high percentage of labor costs

23) Which type(s) of companies prepare income statements and balance sheets?

A) Service company

B) Merchandising company

C) Manufacturing company

D) All types of companies

24) Which of the following items would NOT be found in raw materials inventory for a furniture manufacturer?

A) Wood

B) Fabric

C) Assembly worker wages

D) Steel framing

25) Which of the following costs could be found in work in process inventory for an ice cream manufacturer?

A) Utilities for administrative offices

B) Assembly worker wages

C) Depreciation on sales office

D) Customer order forms

26) Enter the letter of the type of company on the line in front of each statement. Letters may be used more than once or not at all.

A) Service company

B) Merchandising company

C) Manufacturing company

_____ Generally has no inventory

_____ Has three types of inventory

_____ Inventory consists of freight-in and the cost of the product

_____ Has the highest percentage of labor costs

_____ Wal-Mart is this type of company

Tripti 07-Dec-2019

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