Distinguish among the types of inventory accounts used for merchandising and manufacturing companies?
Distinguish among the types of inventory accounts used for merchandising and manufacturing companies?
Homework Answers
Manufacturing companies are those companies that produce and sell goods to customers. These types of companies need to be maintained three type of inventory in their stock.
1) Raw Material which is an input of the final product and uses in the production process.
2) Work in process which is an intermediate stage and not complete for selling to customers.
3) Finished Good which is complete and ready to sell to customers product but unsold goods.
The merchandising company is retail companies who buy the product from manufacturing and sell to direct customers. These types of companies need to maintain only one type of inventory i.e. Finished good inventory.
The main difference is between manufacture and merchandiser is to maintain three types of inventory by manufacturer whereas merchandiser needs to maintain only one type of inventory.
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Distinguish among the types of inventory accounts used
for merchandising and manufacturing companies?
Manufacturing companies have inventory accounts, but merchandising companies do not. O True False Repair and maintenance...
Manufacturing companies have inventory accounts, but merchandising companies do not. O True False Repair and maintenance costs for manufacturing equipment are included in manufacturing overhead. O O True False
1. Describe the following inventory accounts for manufacturing companies. Compare type of inventory accounts for a...
1. Describe the following inventory accounts for manufacturing companies. Compare type of inventory accounts for a merchandising company. • Raw Materials - • Work in Process - • Finished Goods- 2. What are the accounts that you will see in an Income Statement for a manufacturing company that you do not see in an Income Statement for a merchandising company? 3. What is the basic equation for inventory accounts?
1. Describe the following inventory accounts for manufacturing companies. Compare type of inventory accounts for a...
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Below are data for two companies: 1. Define the three business types: service, merchandising, and manufacturing. 2. Based on the data given for the two companies, determine the business type of each one. 3. Calculate the cost of goods sold for each company. Company A Company B Beginning balances: Merchandise Inventory $10,200 Finished Goods Inventory $15,200 Ending balances: Merchandise Inventory 12,900 Finished Goods Inventory 12,300 Net Purchases 155,000 Cost of Goods Manufactured 211,00
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VULSTION #2 Manufacturing vs. Merchandising Companies Calculate cost of goods sold for each of these companies for the year ended December 31, 2014 The Ltd. Boston Manufacturing $300,000 S400.000 Beginning Inventory: Merchandise Finished Goods Cost of Purchases Cost of Goods Manufactured Ending Inventory: Merchandise Finished Goods $500,000 $700,000 $200,000 $300,000 ANSWER: The Ltd Cost of Goods Sold Section For the year ended December 31", 2020 Boston Manufacturing Cost of Goods Sold Section For the year ended December 31, 2020
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Manufacturing-sector companies report direct materials inventory and finished goods inventory accounts only only merchandise inventory only...
Manufacturing-sector companies report direct materials inventory and finished goods inventory accounts only only merchandise inventory only finished goods inventory direct materials inventory, work-in-process inventory, and finished goods inventory accounts
Manufacturing companies have inventory accounts, but merchandising companies do not. O True False Repair and maintenance costs for manufacturing equipment are included in manufacturing overhead. O O True False
1. Describe the following inventory accounts for manufacturing companies. Compare type of inventory accounts for a merchandising company. • Raw Materials - • Work in Process - • Finished Goods- 2. What are the accounts that you will see in an Income Statement for a manufacturing company that you do not see in an Income Statement for a merchandising company? 3. What is the basic equation for inventory accounts?
1. Describe the following inventory accounts for manufacturing companies. Compare type of inventory accounts for a merchandising company. Raw Materials - . Work in Process - Finished Goods-
VULSTION #2 Manufacturing vs. Merchandising Companies Calculate cost of goods sold for each of these companies for the year ended December 31, 2014 The Ltd. Boston Manufacturing $300,000 S400.000 Beginning Inventory: Merchandise Finished Goods Cost of Purchases Cost of Goods Manufactured Ending Inventory: Merchandise Finished Goods $500,000 $700,000 $200,000 $300,000 ANSWER: The Ltd Cost of Goods Sold Section For the year ended December 31", 2020 Boston Manufacturing Cost of Goods Sold Section For the year ended December 31, 2020
Manufacturing-sector companies report direct materials inventory and finished goods inventory accounts only only merchandise inventory only finished goods inventory direct materials inventory, work-in-process inventory, and finished goods inventory accounts
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