Final answer:
The inventory account for recording the costs of materials for production is called Raw materials inventory, reflecting the value of unused manufacturing supplies.
Step-by-step explanation:
The inventory account a manufacturer uses to record the costs of materials that will be used in the production process is called Raw materials inventory. This account reflects the cost of the raw materials on hand that are awaiting to be used in manufacturing goods. Contrary to other options, it is neither the method of accounting like the Accrual method, nor a completed product status like Finished goods inventory, nor an income statement component like Cost of goods sold.
The Raw materials inventory is an essential part of the inventory management system, and its value can fluctuate based on production needs and rate of supply use.The inventory account a manufacturer uses to record the cost of materials to be used in the production is called Raw materials inventory. This account tracks the quantity and value of raw materials that are yet to be used in the manufacturing process. It includes items such as raw materials, components, and supplies that will eventually become part of the finished goods.