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Inventory Management and Control
Here the objectives of inventory management are as:
1. To ensure adequate stocks to permit for continuous production/operations, and
2. To minimize the having inventory's cost.
Inventory management is significant since in most organizations it signifies the largest single investment. The main categories of inventory are:
a) Finished goods
b) Work in progress
c) Raw materials
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what is wip
Accounting for Job Order Costing 1. Direct Labor Dr W.I.P. Control Account Cr Cash Account 2. Accrued Direct Wages Dr W.I.P. Control Account Cr Wages
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