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The total manufacturing costs for the period
inventory clearing
Manufacturing plant manager is not directly related to manufacture of unit of product that's why it is not direct labor cost instead of that it is indirect cost and goes to overhead account
Debit inventory spoilageCredit inventory account
Inventory is an asset account. They normally have a debit balance.
account only particular ledger ,account with inventory deals with item and groups of item In account only we cannot deals with stock entry ,But in accounts with inventory we can deal with stock entry . Account only deals with firm.But Accounts with inventory deals with manufacturing and trading.
The total manufacturing costs for the period
yes work in process is current account and shows inventory of those items which are in process of manufacturing in factory.
manufacturing supplies is equal to factory overhead
inventory clearing
Just In Time
inventory clearing
Manufacturing plant manager is not directly related to manufacture of unit of product that's why it is not direct labor cost instead of that it is indirect cost and goes to overhead account
Debit inventory spoilageCredit inventory account
Inventory is an asset account. They normally have a debit balance.
Like what type of business? An accounting firm wouldn't have an inventory account. A manufacturer would have an inventory. Think of it as if a company is selling a product as opposed to services they would generally have an inventory account.
1 - Raw material Inventory 2 - Work in process inventory 3 - Finished Goods inventory