Keyword Analysis & Research: manufacturing inventory terms

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Frequently Asked Questions

What is manufacturing inventory?

Manufacturing inventory, or production inventory, is all of the supplies and materials on hand meant for the manufacturing of products. Retailers and wholesalers have inventories that include only items ready to sell, or merchandise inventory.

What is included in inventory?

Inventory —any quantifiable item that you can handle, buy, sell, store, consume, produce, or track can be considered inventory. This covers everything from office and maintenance supplies, to raw material used for manufacturing, to semi-finished and finished goods, to fuel used to power equipment used in the business.

What is the difference between Material Control and inventory?

The term inventory can apply to physical items such as raw materials, manufactured goods that are either complete or in process or the procedure of physically counting items on hand. The department or process of actively controlling the supplies and raw materials needed for the manufacturing process is called material control.

What are the different types of manufacturing cost flow?

Raw materials inventory, work in process inventory, finished goods inventory, and the cost of goods sold are all part of a manufacturing cost flow.

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