What is the difference between raw materials inventory and work in process inventory? Are they included on

Question:

What is the difference between raw materials inventory and work in process inventory? Are they included on the balance sheet or income statement?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

Fantastic news! We've Found the answer you've been seeking!