Match the inventory-related accounts to costs that may be included in inventories for retailers and manufacturers. (Not all answers are used)
Merchandise Inventory
Raw Materials
Work in Process
Finished Goods
Cost of Goods Sold
______ Cost of materials which are not yet entered into the production process.
______ Cost of completed, but unsold items.
______ Costs of direct materials, overhead, and direct labor used in unfinished goods.
______ Costs of direct materials, overhead, and direct labor used in goods that have been sold.