What are the cost components of each of the three inventory accounts of a manufacturing company?
Identify and explain the cost components of each of the three inventory accounts for a manufacturing company.
Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a trader, to be sold within a year. Merchandise Inventory is a current asset account which includes all the costs incurred to acquire merchandise, and process it further for sale.
The three inventory accounts and the cost components of each inventory are as follows:
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