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In What order should the three inventories of a manufacturing business he presented on the balance sheet?
Financial & Managerial Accounting
Solutions
Financial & Managerial Accounting
In What order should the three inventories of a manufacturing business he presented on the balance sheet?
Balance sheet for a manufacturing business:
Inventory refers to the raw materials, work-in progress, and the finished goods products that are held by the business to sell or make it ready for sale, in the future date. There are three types of inventories, a manufacturing business reports on its balance sheet. They are as follows:
- Material inventory.
- Work in process inventory.
- Finished goods inventory.
To determine: In which sequence the three inventories of a manufacturing business must be reported on the balance sheet.
Explanation of Solution
- In the balance sheet, the inventories are ordered in the form of its liquidity...
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