select one manufacturer and one service business that you are familiar with and indicate what would...

select one manufacturer and one service business that you are familiar with and indicate what would be included in the three types of inventory accounts. Use details that are unique to your businesses

Expert Solution

Inventories included in Car Manufacturing.

There are three types of inventories in Car manufacturing company; Raw material, Work-in-progress, Finished goods.

Raw materials

The raw material inventory reflect all the materials complany used for manufacturing the Car. Examples of raw materials include Steel for making the body, Leather for seats, Tyres, Paint, Glass, Rubber, Plastic, etc.

Work-in-progress

Work-in-progress inventory includes goods have been started in th manufacturing process but are not yet completed. Imagine the Car going down the production line. On the last day of accounting period, Cars up and down the line are in various stages of completion. The company value its wok-in-progress inventory based on how far each product has been processed. Examples of work-in-progress inventory include a Car engine and body works are completed, but not fitted the seats, OR all other wrks are completed, but needs to paint the Car, etc.

Finished goods

Finished goods inventory include the completed products that have not yet been sold. For the Car manufacturer, this catogary consists of Cars not yet sold to individual dealership.

Inventories include in Mobile Phone Service Center

The service organization can have inventory as input service inventory which is processed to produce output service industry. Service inventory can be used on the customer directly during production of service. Inventory cannot be stored always in service industry. Example of inventories in Mobile reparing center's are batteries, mobile cover, softwares and all other mobile parts.

ekkarill92 answered 2 years ago

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