Examlex
The time-action function is the relationship between
Finished Goods
Items that are fully manufactured but have not been sold or dispatched to the final consumer.
Work in Process
Inventory items that are in the production process but are not yet completed goods, often abbreviated as WIP.
Factory Overhead
Indirect costs related to manufacturing, including utilities, depreciation of equipment, and salaries of supervisors.
Finished Goods
Goods that are fully manufactured and prepared for sale to consumers.
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