Examlex
The unit of account function of money
Raw Materials Inventory
The total cost of all component materials currently in stock that have not yet been used in work-in-process or finished goods production.
Work in Process Inventory
Work in process inventory consists of products that are in the production process but are not yet completed, representing a stage between raw materials and finished goods.
Raw Materials Inventory
The total cost or value of all the basic materials and components that are to be used in the manufacture of a product.
Accounts Payable
Liabilities owed to suppliers or creditors for goods and services received but not yet paid for.
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