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Cost Classifications on Goods & Inventory Statements

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Given the following information, what amount would be reported on the balance sheet as inventory?


raw materials = $5,000
work-in-process = $6,000
finished goods = $8,000

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1. Which of the following costs would be considered raw materials for a bakery?

2.

Calculate cost of goods sold given the following information:


beginning finished goods = $45,000
cost of goods manufactured = $25,000
ending finished goods = $50,000

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About This Quiz & Worksheet

Organizing inventory and cost into separate categories can be extremely helpful for businesses when analyzing record books. Use this assessment to test your understanding of these categories as well as goods and inventory statements.

Quiz & Worksheet Goals

Complete this assessment to test your understanding of:

  • How and where inventory is reported on balance sheets
  • What qualifies as raw materials
  • Reporting goods sold

Skills Practiced:

Some of the skills you will practice with this assessment include:

  • Interpreting information - verify that you can review information regarding goods and inventory statements and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about these statements and how inventory is classified
  • Problem solving - use acquired knowledge to solve practice problems using balance sheets

Additional Learning

To improve your understanding of goods and inventory statements, complete the lesson Cost Classification on Goods and Inventory Statements. With this lesson you will review:

  • Different types of cost classifications
  • Uses of income statements and balance sheets
  • Differences between liabilities and equity
  • Example problems that explore these topics
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