Question
Distinguish among the types of inventory accounts used for merchandising and manufacturing companies?
Distinguish among the types of inventory accounts used for merchandising and manufacturing companies?
Answers
Manufacturing companies are those companies that produce and sell goods to customers. These types of companies need to be maintained three type of inventory in their stock.
1) Raw Material which is an input of the final product and uses in the production process.
2) Work in process which is an intermediate stage and not complete for selling to customers.
3) Finished Good which is complete and ready to sell to customers product but unsold goods.
The merchandising company is retail companies who buy the product from manufacturing and sell to direct customers. These types of companies need to maintain only one type of inventory i.e. Finished good inventory.
The main difference is between manufacture and merchandiser is to maintain three types of inventory by manufacturer whereas merchandiser needs to maintain only one type of inventory.
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