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According to Porter's model, Netflix streaming video would be considered a substitute for Blockbuster DVD rental.
Work In Process Inventory
Work In Process Inventory comprises the materials, labor, and overhead costs for products that are partially completed in the manufacturing process.
Finished Goods Inventory
The total value of all completed products that are ready for sale but have not been sold yet, stored by a manufacturing company.
Cost Of Goods Sold
The expenses directly related to the manufacture of the products a company sells.
Product Costs
The total costs incurred to manufacture a product or provide a service, including direct materials, labor, and overhead expenses.
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