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Income Statement Terminology: Manufacturing Versus Merchandising. Match each of the following terms used in a manufacturing company's income statement with the equivalent term used in
Income Statement Terminology: Manufacturing Versus Merchandising. Match each of the following terms used in a manufacturing company's income statement with the equivalent term used in a merchandising company's income statement. Cost of goods manufactured Work-in-process inventory Finished goods inventory Cost of goods sold 1. Merchandise inventory 2. Same term is used by a merchandising company 3. Net purchases 4. Not applicable for a merchandising company
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