Identify types of companies and their inventories (Learning Objective 1)

Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.

a. produce their own inventory.

b. typically have a single category of inventory.

c. do not have tangible products intended for sale.

d. resell products they previously purchased ready-made from suppliers.

e. use their workforce and equipment to transform raw materials into new finished products.

f. sell to consumers.
g. Swaim, a company based in North Carolina, makes furniture. Partially completed sofas are . Completed sofas that remain unsold in the warehouse are \(\qquad\) Fabric and wood are . \(\qquad\)
h. For Kellogg's, corn, cardboard boxes, and waxed paper liners are classified as \(\qquad\)
i. \(\qquad\) buy in bulk from manufacturers and sell to retailers

Transcribed Image Text:

Finished goods inventory Manufacturing companies Raw materials inventory Inventory (merchandise) Merchandising companies Wholesalers Service companies Work in process inventory Retailers