Examlex
Describe how the inventories of manufacturers differ from the inventories of retailers.
Manufacturing Costs
Expenses directly tied to the production of goods, including direct materials, direct labor, and manufacturing overhead.
Raw Materials Inventory
Stock of basic materials that are used in the manufacturing process to produce finished goods.
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.
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