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

BuyFind

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447
BuyFind

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447

#### Solutions

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 _____”.

## Answer to Problem 1CR

Solution:

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

### Explanation of Solution

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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