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Question 9 Which one of the following is true concerning manufacturing and merchandising companies inventories on the balance sheet? Finished goods is to a manufacturer what merchandise Inventory is to a merchandiser. Manufacturer's include raw materials, work in process, finished goods, and cost of goods sold on the balance sheet, while merchandisers include only merchandise inventory and cost of goods sold on their balance sheet. Raw materials is to a manufacturer what merchandise inventory is to a to a merchandiser A merchandiser reports its inventories as a current asset, and a manufacturer reports inventories as an expense