What are the differences between the cost of goods sold sections in a manufacturer's and a...
What are the differences between the cost of goods sold sections in a manufacturer's and a merchandiser's income statements?
Select one or more:
a. A merchandiser uses Merchandise Inventory and Cost of Goods Available for Sale, whereas a manufacturer uses Finished Goods Inventory and Cost of Goods Available for Sale.
b. A merchandiser uses Work in Process Inventory and Cost of Goods Sold, whereas a manufacturer uses Finished Goods Inventory and Cost of Goods Sold.
c. A merchandiser uses Merchandise Inventory and Direct Labor, whereas a manufacturer uses Finished Goods Inventory and Cost of Goods Manufactured.
d. None of the above.
Homework Answers
Correct answer-----------a. A merchandiser uses Merchandise Inventory and Cost of Goods Available for Sale, whereas a manufacturer uses Finished Goods Inventory and Cost of Goods Available for Sale.
.
A merchandiser does not have a work in process inventory, or any account named direct labor or direct material .
Work in process inventory, direct labor, finished goods are accounts found in books of a manufacturer.
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What are the differences between the cost of goods sold sections
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