Questions: Multiple Select Question Select all that apply When initially purchased, which of the following are included in Raw materials inventory? (Check all that apply). direct materials finished goods goods in process Indirect materials

Multiple Select Question Select all that apply When initially purchased, which of the following are included in Raw materials inventory? (Check all that apply). direct materials finished goods goods in process Indirect materials
Transcript text: Multiple Select Question Select all that apply When initially purchased, which of the following are included in Raw materials inventory? (Check all that apply). direct materials finished goods goods in process Indirect materials
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Solution

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Solution Steps

Step 1: Define Raw Materials Inventory

Raw materials inventory consists of items purchased by a business to be used in the manufacturing of finished goods. These materials are in their unprocessed state and await use in the production process.

Step 2: Identify Components of Raw Materials Inventory

The components included in raw materials inventory are:

  • Direct Materials: These are materials that become a physical part of the finished product and are easily traceable to it. Examples include wood for furniture, steel for cars, or fabric for clothing.
  • Indirect Materials: These are materials used in the production process but are not directly traceable to the finished goods. These are usually small, inexpensive items. Examples include glue, nails, or cleaning supplies used in a factory.
Step 3: Eliminate Irrelevant Options
  • Finished Goods: These are completed products ready for sale to customers. They are not considered raw materials.
  • Goods in Process: These are partially completed products still undergoing the manufacturing process. They are not considered raw materials because they've already entered production.

Final Answer

\\(\boxed{\text{direct materials, indirect materials}}\\)

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