Name the three inventory accounts for a manufacturing business and describe what each balance represents at the end of an accounting period.

The list of items that may or may not be reported as inventory in a company's December 31 financial position is presented below. Indicate which of these items would typically be reported as inventory in the financial statements. If an item is not reported as inventory, indicate how it should be reported in the financial statements. 1.Costs identified with units completed by a manufacturing firm but not yet sold. 2.Goods sold f.o.b. destination that is in transit at December 31.3.Short-term investment is stocks and bonds that will. Be resold in the near future.

why both the "beginning inventory" and "ending inventory" figures both appear on the Income Statement of the worksheet for the Periodic Inventory Method.

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