Draw and Label T-Accounts to Illustrate the Relationship Between the Various

Essay

Draw and label T-accounts to illustrate the relationship between the various inventory accounts and cost of goods sold for: (a) a merchandiser; and (b) a manufacturer. Use the following account titles: Cost of Goods Sold, Finished Goods Inventory, Merchandise Inventory, Raw Materials Inventory, Work-in-Process Inventory, and Other Production Costs.