Question

Name the three inventory accounts for a manufacturing business and indicate the order in which they should be presented on the Balance Sheet. Indicate the inventory accounts used by your selected corporation and include the amounts of each. What is the amount for Cost of Goods Manufactured on the Income Statement? Does your corporation show an actual Statement of Cost of Goods Manufactured in its Notes to the Financial Statement?

Answer 1

The three inventory accounts of a manufacturing business are : Raw material Inventory , Work in progress and Finished goods Inventory.

The order in which these appear on balance sheet is as follows:

Raw material Inventory

Work in progress Inventory

Finished goods Inventory

The corporation selected by me is general electric and the amounts are - Raw material and work in progress - $11,757 ( in millions). Finished goods $9,169(in millions).

No, it has no cost of goods manufactured on the income statement. Yes in notesit has Statement of cost of goods manufactured.