Whonock Tailors Ltd. (Whonock) is a manufacturer of high-quality mens and womens clothing. Indicate whether Whonock would
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Whonock Tailors Ltd. (Whonock) is a manufacturer of high-quality men’s and women’s clothing. Indicate whether Whonock would classify the costs associated with each of the following items as inventory and, if it should be classified as inventory, whether it would be considered raw materials, work-in-process, finished goods, or supplies. Provide a brief explanation for each classification.
a. thread
b. partially completed suits
c. reusable containers for packing clothing for shipment
d. sewing machines
e. pins and needles
f. fabric
g. clothing awaiting shipment on the loading dock
h. storage containers for accessories (buttons, etc.) used in the making of clothing
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