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8th Edition

Robert Brechner + 1 other

Publisher: Cengage Learning

ISBN: 9781305585447

Chapter 16, Problem 1CR

Textbook Problem

Goods that a company has in its possession at any given time are known as __________. (16-1)

Expert Solution

To determine

**To fill:** The blank space in the statement, “Goods that a company has in its possession at any time are known as _____”.

**Solution:**

The complete statement is “Goods that a company has in its possession at any time are known as __inventory__”.

Inventory term is generally used to describe the goods that a company has in its possession at any given time.

It also refers to goods that are in various stages of being made ready for sale.

Therefore for companies involved in manufacturing inventories are divided into:

Raw materials (used to make other products)

Partially completed products (in process of being made)

Finished goods (that are available to sale)

Thus, goods that a company has in its possession at any time are known as inventory.

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Contemporary Mathematics for Business & Consumers

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