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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

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

To determine

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

Answer

Solution:

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

Explanation

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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