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The smallest functional and structural unit of life is the
Work in Process
Goods that are in production but have not yet completed the manufacturing process, considered a type of inventory on the balance sheet.
Finished Goods
A rephrased definition: Products that have completed the manufacturing process and are ready to be sold but are still in the company's inventory.
Raw Materials Inventory
The stock of materials before they are processed or used in the production of goods, part of a company's inventory of goods.
Indirect Materials
Indirect materials are supplies used in the production process that, unlike direct materials, are not part of the finished product, such as lubricants and cleaning supplies.
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