Inventory: Cost of products waiting to be sold or used in the manufacturing process

  • Manufacturing inventory starts as raw material, moves to work-in-process, and finally a finished good
  • Recorded at cost or lower, if the value has declined using a lower of cost or market valuation


Learn accounting with the free app

Accounting Flashcards

Accounting Flashcards includes a translate button for English, Chinese, and Spanish.

Learn financial accounting using beautifully illustrated flashcards, coordinated lessons, and rich audio. Whether you are an aspiring CPA or IFRS expert, use this accountancy app to reach your goals. Even an aspiring chartered accountant or those reaching for the CPA Australia can benefit. Topics of accounting standards, equation, terms, ratios, and more are covered.


Get the PDF book here



« Back to Glossary Index