Asked by Nicholas Malmquist on May 22, 2024

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Verified

Inventory items on an assembly line in various stages of production are classified as

A) Finished goods.
B) Work in process.
C) Raw materials.
D) Merchandise inventory.

Work In Process

A classification of inventory for items that are in the process of being produced but are not yet completed.

  • Master the variety of methods used for inventory valuation and their effect on financial accounts.
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Verified Answer

ND
Navneet DhaliwalMay 25, 2024
Final Answer :
B
Explanation :
Items on an assembly line in various stages of production are classified as work in process, since they have not yet become finished goods. Raw materials are the inputs used to create the work in process, while merchandise inventory refers to already finished goods that are held for sale.