Identify/define and Explain the Significance of the Following: Inertia

question 26

Essay

Identify/define and explain the significance of the following: inertia.

---

Definitions:

Inventories

Assets held for sale in the ordinary course of business, in the process of production for such sale, or in the form of materials or supplies to be consumed in the production process.

Cost Of Production Report

A financial report detailing the total cost and production quantities of a manufacturing department or process.

Production

The process of creating goods or services using labor, machinery, and materials to meet consumer demand.

Work In Process

Represents the inventory that has begun the production process but is not yet completed in a manufacturing company.