List the three kinds of inventory accounts that are used by manufacturing companies. Briefly discuss what each account includes

What will be an ideal response

Raw Materials Inventory includes materials used to make a product.
Work-in-Process Inventory includes goods that are in the manufacturing process but are not yet complete.
Finished Goods Inventory includes completed good that have not yet been sold.

Business

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An evaluation of the firm's collection efforts based on the aging schedule would suggest ________. (See Table 14.6)

A) poor credit management B) satisfactory credit management C) superior credit management D) overzealous collection efforts

Business

Sales of the high-end units have declined. The owners want Arnold, the CEO, to increase revenues to previous levels. His first action should be ________

A) to identify previous sales levels B) to determine why sales are off C) to compare costs for three new models under development D) to immediately begin production on the lowest cost model

Business