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Consider the following statements.
1. Inventory includes raw material, finished goods and goods in process.
2. Inventory is the part of working capital.
3. Inventory includes goods likely to be purchased in the coming months.
Which of the statements given above are correct?

Consider the following statements.
1. Inventory includes raw material, finished goods and goods in process.
2. Inventory is the part of working capital.
3. Inventory includes goods likely to be purchased in the coming months.
Which of the statements given above are correct? Correct Answer Both 1 and 2

Related Questions

Which of the following statements are correct?
I. Inventory includes raw materials, finished goods and work-in-progress.
II. Inventory is a part of the working capital.
III. Inventory includes goods likely to be purchased.
Which one of the following is the correct sequence of various stages of operating cycle of a manufacturing company?  1. Raw material conversion period, work-in-progress conversion period, Finished goods conversion period, Receivables conversion period 2. Raw material conversion period, work-in-progress conversion period, Creditors payment period, Receivables conversion period 3. Creditor payment period. Raw material conversion period, Receivables conversion period, work-in- progress conversion period 4. Raw material conversion period, Finished goods conversion period, work-in- progress conversion period. Receivables conversion period 
In the question below is given a statement followed by two courses of action numbered I and II. You have to assume everything given in the statement to be true and then decide which of the given/ suggested courses of action logically follows for pursuing. Statement: One of the problems of the public food- processing industry is the irregular supply of raw material to other industries also. Courses of Action:  The government should deregulate the supply of raw material for the food processing industry. The government should announce an attractive package to ensure regular supply of raw material. The producers of raw material are not getting a reasonable price
Raw material purchased:
1st January, 600 units @ Rs. 12 per unit
12th January, 500 units @ Rs. 14 per unit
21st January, 300 units @ Rs. 13 per unit
Raw material issued for manufacture:
3rd January 300 units
5th January 124 units
15th January 250 units
16th January 300 units
Raw material returned to stores from manufacturing department on 14th January, 50 units. The material is issued on First-in-First out method.
The value of material remaining in store on 21st January will be:
John, Jack, Joseph and Jordan participated in a running race. Only the winner finished the race in 10 minutes. Which two pieces of information can tell you who the winner was? (i) John finished the race in 16 minutes . (ii) Joseph finished the race earlier than Jack by 2 minutes. (iii) Jack finished the race later than Jordan by 4 minutes. (iv) Jordan finished the race earlier than John by 6 minutes. (v) John finished the race later than Joseph by minutes.
The following bar graph shows the amount (in Lakh Rs.) invested by a Company in purchasing raw material over the years and the values (in Lakh Rs.) of finished goods sold by the Company over the years. The ratio of total amount invested for purchasing raw material from 2013 to 2015 to the total sales of finished goods in 2014, 2016 and 2017 is:
Five friends P, Q, X, Y and Z purchased some notebooks. The relevant information is given below: 1. Z purchased 8 notebooks more than X did. 2. P and Q together purchased 21 notebooks. 3. Q purchased 5 notebooks less than P did. 4. X and Y together purchased 28 notebooks. 5. P purchased 5 notebooks more than X did. If each notebook is priced ₹40, then what is the total cost of all the notebooks?
Statement : One of the problems facing the food processing industry is the irregular supply of raw material. The producers of raw material are not getting a reasonable price.

Courses of Action :
I. The government should regulate the supply of raw material to other industries also.
II. The government should announce an attractive package to ensure regular supply of raw material for food processing industry.
The following are the conditions for selecting list of a suitable candidates to be called for interview after the written test for the recruitment is conducted/ organized for management-level persons of a multi-national company. For providing accounting services and sales the candidates must (a) be holding a graduation in basic science with 65% or above or B. E degree with 55% and above marks (b) have passed the written test with 70% or above marks (c) the age must be in the group 25 to 30 years as on 1/4/18 (d) have experience in an accounting firms for three years and diploma in accounting with 60% or above marks (e) be presently drawing CTC of 6 Lakhs per annum and above In case the applicant who satisfies all other terms above except 1) at (a) above, then be referred as Junior Accountant 2) at (d) & (e) above then be referred as Trainee-Accountant Satisfying all the above with experience of 5 years then be referred as senior-Accountant Satisfying all the above criteria (a-e) with CA/ ICWA / MBA (Finance) then be refereed as manager (Accounts) Read all the above information and answer the following question Shravani has passed H. SC with 72% of marks. She has done diploma in accountancy with 62% of marks. She was working with an organization in the field of accounting in the field of accounting from 4 years and was drawing CTC of 6.5 Lakhs presently. She is 28yrs as on July 2018. She may referred for the position of:
conclusions. Taking the given statements to be true even if they seem to be at variance from commonly known facts, read all the conclusions and then decide which of the given conclusion logically follows the given statements. Statements: I. Some mangoes are not red. II. All red are raw. III. Some raw are mangoes. Conclusions: I. Some mangoes are not raw. II. Some red are not mangoes. III. All raw are red.