Identify the different types of inventories (raw materials, work in process, and finished goods) carried in the following organizations: gas station, hamburger stand, clothing store, and machine shop. What functions (purposes) do these inventories perform?

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Answer 1

Textbook Question

Chapter 14, Problem 1DQ

Identify the different types of inventories (raw materials, work in process, and finished goods) carried in the following organizations: gas station, hamburger stand, clothing store, and machine shop. What functions (purposes) do these inventories perform?

Expert Solution & Answer

Summary Introduction

To identify: The different types of inventories carried in the organization.

Explanation of Solution

Types of inventories carried:

Gas station:

It has no raw material or work-in-process goods. The finished goods such as gas, tires, oil, other car parts and other general store items will be the inventory.

Hamburger stand:

The raw material is meat patty, onions, and bun. The work in process will involve frying burgers or burgers that are being assembled. The finished goods are hamburgers or a bun with garnishes.

Clothing store:

There are zero raw materials or work in progress. The clothes are the finished goods that are considered as inventory.

Machine shop:

The raw material is the pieces of unformed steel. The work in process are the orders that are finished partly. The finished goods are the completed orders waiting to be shipped to the customers.

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Answer 2

Textbook Question

Chapter 14, Problem 1DQ

Identify the different types of inventories (raw materials, work in process, and finished goods) carried in the following organizations: gas station, hamburger stand, clothing store, and machine shop. What functions (purposes) do these inventories perform?

Expert Solution & Answer

Summary Introduction

To identify: The different types of inventories carried in the organization.

Explanation of Solution

Types of inventories carried:

Gas station:

It has no raw material or work-in-process goods. The finished goods such as gas, tires, oil, other car parts and other general store items will be the inventory.

Hamburger stand:

The raw material is meat patty, onions, and bun. The work in process will involve frying burgers or burgers that are being assembled. The finished goods are hamburgers or a bun with garnishes.

Clothing store:

There are zero raw materials or work in progress. The clothes are the finished goods that are considered as inventory.

Machine shop:

The raw material is the pieces of unformed steel. The work in process are the orders that are finished partly. The finished goods are the completed orders waiting to be shipped to the customers.

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Answer 3

Textbook Question

Chapter 14, Problem 1DQ

Identify the different types of inventories (raw materials, work in process, and finished goods) carried in the following organizations: gas station, hamburger stand, clothing store, and machine shop. What functions (purposes) do these inventories perform?

Expert Solution & Answer

Summary Introduction

To identify: The different types of inventories carried in the organization.

Explanation of Solution

Types of inventories carried:

Gas station:

It has no raw material or work-in-process goods. The finished goods such as gas, tires, oil, other car parts and other general store items will be the inventory.

Hamburger stand:

The raw material is meat patty, onions, and bun. The work in process will involve frying burgers or burgers that are being assembled. The finished goods are hamburgers or a bun with garnishes.

Clothing store:

There are zero raw materials or work in progress. The clothes are the finished goods that are considered as inventory.

Machine shop:

The raw material is the pieces of unformed steel. The work in process are the orders that are finished partly. The finished goods are the completed orders waiting to be shipped to the customers.

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Answer 4

Textbook Question

Chapter 14, Problem 1DQ

Identify the different types of inventories (raw materials, work in process, and finished goods) carried in the following organizations: gas station, hamburger stand, clothing store, and machine shop. What functions (purposes) do these inventories perform?

Expert Solution & Answer

Summary Introduction

To identify: The different types of inventories carried in the organization.

Explanation of Solution

Types of inventories carried:

Gas station:

It has no raw material or work-in-process goods. The finished goods such as gas, tires, oil, other car parts and other general store items will be the inventory.

Hamburger stand:

The raw material is meat patty, onions, and bun. The work in process will involve frying burgers or burgers that are being assembled. The finished goods are hamburgers or a bun with garnishes.

Clothing store:

There are zero raw materials or work in progress. The clothes are the finished goods that are considered as inventory.

Machine shop:

The raw material is the pieces of unformed steel. The work in process are the orders that are finished partly. The finished goods are the completed orders waiting to be shipped to the customers.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

Summary Introduction

To identify: The different types of inventories carried in the organization.

Explanation of Solution

Types of inventories carried:

Gas station:

It has no raw material or work-in-process goods. The finished goods such as gas, tires, oil, other car parts and other general store items will be the inventory.

Hamburger stand:

The raw material is meat patty, onions, and bun. The work in process will involve frying burgers or burgers that are being assembled. The finished goods are hamburgers or a bun with garnishes.

Clothing store:

There are zero raw materials or work in progress. The clothes are the finished goods that are considered as inventory.

Machine shop:

The raw material is the pieces of unformed steel. The work in process are the orders that are finished partly. The finished goods are the completed orders waiting to be shipped to the customers.

Answer 8

Expert Solution & Answer

Summary Introduction

To identify: The different types of inventories carried in the organization.

Explanation of Solution

Types of inventories carried:

Gas station:

It has no raw material or work-in-process goods. The finished goods such as gas, tires, oil, other car parts and other general store items will be the inventory.

Hamburger stand:

The raw material is meat patty, onions, and bun. The work in process will involve frying burgers or burgers that are being assembled. The finished goods are hamburgers or a bun with garnishes.

Clothing store:

There are zero raw materials or work in progress. The clothes are the finished goods that are considered as inventory.

Machine shop:

The raw material is the pieces of unformed steel. The work in process are the orders that are finished partly. The finished goods are the completed orders waiting to be shipped to the customers.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Summary Introduction

To identify: The different types of inventories carried in the organization.

Answer 12

Explanation of Solution

Types of inventories carried:

Gas station:

It has no raw material or work-in-process goods. The finished goods such as gas, tires, oil, other car parts and other general store items will be the inventory.

Hamburger stand:

The raw material is meat patty, onions, and bun. The work in process will involve frying burgers or burgers that are being assembled. The finished goods are hamburgers or a bun with garnishes.

Clothing store:

There are zero raw materials or work in progress. The clothes are the finished goods that are considered as inventory.

Machine shop:

The raw material is the pieces of unformed steel. The work in process are the orders that are finished partly. The finished goods are the completed orders waiting to be shipped to the customers.

Answer 13

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Identify the different types of inventories (raw materials, work in process, and finished goods) carried in the following organizations: gas station, hamburger stand, clothing store, and machine shop. What functions (purposes) do these inventories perform?

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