Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.

a. ______ report three types of inventory on the balance sheet.

b. ______ for a company such as Best Buy (consumer electronics) includes all of the costs necessary to purchase products and get them onto the store shelves.

c. Most for-profit organizations can be described as being in one (or more) of three categories: ______, ______, and ______.

d. ______ is composed of goods partially through the manufacturing process (not finished yet).

e. Forever 21, Target, and Kohl’s are all examples of ____.

f. ____typically do not have an inventory account.

g. Johnson & Johnson, a personal care products manufacturer, converts ____into finished products.

h. A law office, an advertising agency, and a hospital are all examples of ______.

i. ______buy products in bulk from producers, mark them up, and resell to retailers.

Transcribed Image Text:

Finished goods inventory Inventory (merchandise) Merchandising companies Wholesalers Manufacturing companies Raw materials inventory Service companies Work in process inventory