7. 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.

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

a. report three types of inventory on the balance sheet.

b. for a company such as Best Buy (consumer electronics) includes all of the costs necessary to purchase products and get them onto the store shelves.

c. Most for-profit organizations can be described as being in one (or more) of three categories: (3 answers)

d. is composed of goods partially through the manufacturing process (not finished yet).

e. Forever 21, Target, and Kohl's are all examples of

f. typically do not have an inventory account.

g. johnson & Johnson, a personal care products manufacturer, converts

h. A law office, an advertising agency, and a hospital are all examples of

i. buy products in bulk from producers, marks them up, and resell to

retailers