ACCT 1220 Study Guide - Midterm Guide: Electronic Funds Transfer, Intangible Asset, General Ledger

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Merchandise inventory: is needed to describe the many different items that make up the total inventory. Retailers: merchandising companies that purchase and sell directly to consumers. Wholesalers: merchandising companies that sell to retailers. Manufacturers: companies that produce goods for sale to wholesalers (or others). Raw materials: the basic goods and materials that are on hand and will be used in production but have not yet been sent into production. Work in process: that portion of inventory on which production has started but is not yet complete. Finished goods: inventory is manufactured items that we are completed and ready for sale. Sales revenue/sales: the main source of revenue from the sale of merchandise. Cost of goods sold: the total cost of the merchandise that was sold during the period. This expense is directly related to the revenue that is recognized from the sale of goods. Gross profit: sales revenue less the cost of goods sold.

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