Learn how the flow of costs impacts manufacturing firms, covering raw materials, work-in-process, finished goods, and cost of ...

Inventory includes finished products as well as materials a firm plans to further process. The exact process for adjusting inventory entries depends on the inventory accounting system the firm has ...

In the modern production world, efficiency is not only desired but is also necessary for success. With companies navigating complex supply chains, strict laws, and heightened competition, integrated ...

The financial reporting that a restaurant generates is significantly different from the reports that a manufacturing company uses, mostly because a restaurant is a service-oriented business and a ...

Limited guidance from the IRS and accounting standard-setting bodies has led to a divergence in interpretation and practice for inventory valuation within the scope of business combinations.

Accurate inventory accounting is vital, especially in the globalized world of low-cost competition. Five critical inventory accounting control lapses threaten a company’s long-term survival.

In machine shops, the “parts” — i.e., the raw materials, MRO supplies and equipment, works-in-progress, and the finished goods — are vital role in the success of the business. Without effective ...