Question

The balance sheet of a retail store includes purchased goods inventory. raw materials inventory. work-in-process inventory....

The balance sheet of a retail store includes

purchased goods inventory.
raw materials inventory.
work-in-process inventory.
all of the above.

Business   Accounting   
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Answer #1

The answer is Purchased Goods Inventory

Explanation:

Retail store is engaged in the business of trading that is buying and selling of goods. They buy from their supplier and sell to customers at a profit. They don't manufacture anything of their own.

Raw Materials are the inputs for manufacturing finished goods. Raw materials pass through some process and become finished goods. That intermediary stage where raw material has partly converted but not became a final product is called Work-in-Progress. For example: When we make Cake - Flour, Sugar, Eggs, etc are raw material, the batter is Work-in-Progress and the Cake is Finished Good.

Raw material and work-in-progress inventory will be there only for manufacturing entities and not trading entities. So a Retail store will have only Purchased Goods Inventory

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