Consider the following selected amounts and account balances of Lords:

Show how this company reports current assets on the balance sheet. Not all data are used. Is Lords a service company, a merchandiser, or a manufacturer? How do you know?

Transcribed Image Text:

Cost of goods sold. 104,000 Prepaid expenses Direct materials used Accounts receivable.... Cash Cost of goods manufactured 47,000 Marketing expense 20,000 Work in process inventory.. 80,000 Manufacturing overhead 15,000 Finished goods inventory 94,000 Raw materials inventory 6,000 30,000 40,000 26,000 63,000 10,000