Question

In: Accounting

Pastel accounting package is handy with inventory measurements. Fully elaborate using five types of inventory.

Pastel accounting package is handy with inventory measurements. Fully
elaborate using five types of inventory.

Solutions

Expert Solution

5 type of inventory

1. Raw materials : raw materials are the items used to manufacture finished products or the individual components that go into them. These can be produced or sourced by a business itself or purchased from a suppliers.

2. Work in progress (WIP) : these inventory are again refers to retailers that manufacture their own products. These are unfinished items or components currently in production but not yet ready for sale.

3. Finished goods: finished goods are the products that are completely ready for sale. These may have been manufactured by the business itself, or purchased as a whole, finished goods from suppliers.

4. Maintenance, repair and operations (MRO) : MRO goods are items used within the manufacture of products but without directly making up any part of finished products

It's includes

  • Production and repair tools
  • Uniforms and safety equipments
  • Cleaning supplies
  • Machinery
  • Batteries

5. Packing materials: packing materials are anything you used for packing and protecting goods -either while in storage or during shipping to customers.


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