Question

Whonock Ltd. (Whonock) is a manufacturer of fine wood furniture. Indicate whether Whonock would classify the costs associated with each of the following types 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. Lumber
b. Unpainted furniture
c. Furniture makers’ tools
d. Fabric
e. Sandpaper
f. Furniture awaiting shipment on the loading dock
g. Crates used for packing furniture for shipment
h. Storage containers for parts (nails, screws, etc.) used to build the furniture



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  • CreatedFebruary 26, 2015
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