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<span>The American Federation of Labor is one of the largest labor unions in America. This union was responsible for crating the Committee for Industrial Unions. This committee was a cabinet-level agency that advocated for the interests of the American Federation of Labor</span>
Explanation:
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Answer:
a. work in process inventory
Explanation:
In Business, an inventory is a term used to describe a list of finished goods, goods still in the production line and raw materials that would be used for the manufacturing of more goods in a bid to meet the unending consumer demands.
Simply stated, an inventory can be classified into three (3) main categories; finished goods, work in progress, and raw materials.
An inventory is recorded as a current asset on the balance sheet because it's primarily the most important source of revenue for a business entity.
Also, the three (3) main cost concept associated with an inventory are;
1. First In First Out (FIFO).
2. Last In First Out (LIFO).
3. Weighted average cost.
Goods that are partially completed by a manufacturer are work in process (WIP) inventory.
For example, a business might be willing to absorb lower profits and even losses in the present to strengthen its position and increase its market share so that it can earn higher profits in the future.
