|Raw materials inventory
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Definition of Raw materials inventory
Raw materials inventory
The total cost of all component parts currently in stock that
A secured loan that gives the lender a lien against all the borrower's inventories.
An automatic system for revising the exchange rate. It involves establishing a par value around
The average number of days' worth of sales that is held in inventory.
For companies: raw materials, items available for sale or in the process of being made ready for
A secured short-term loan to purchase inventory. The three basic forms are a blanket
The ratio of annual sales to average inventory which measures the speed that inventory
Systems that schedule materials/inventory to arrive exactly as they are
Computer-based systems that plan backward from the production schedule
Demand deposits that pay interest.
As used in connection with project financing, an agreement to furnish a
A form of international reserve assets, created by the IMF in 1967, whose
The ability to establish automatic periodic mutual fund redemptions and have proceeds
The number of times a company sold out and replaced its average stock of goods in a year. The formula is:
The value of the products that a retailing or wholesaling company intends to resell for a profit.
A listing of all the materials and quantities that go to make up a completed product.
Goods bought or manufactured for resale but as yet unsold, comprising raw materials, work-in-progress and finished goods.
Unprocessed goods bought for manufacture, part of inventory.
The cost of the goods that a company has available for resale.
Periodic inventory system
An inventory system in which the balance in the inventory account is adjusted for the units sold only at the end of the period.
Perpetual inventory system
An inventory system in which the balance in the inventory account is adjusted for the units sold each time a sale is made.
A term describing the loss of products from inventory
inventory turnover ratio
The cost-of-goods-sold expense for a given
Refers to making an entry, usually at the close of a
Inventory Turnover Ratio
Provides a measure of how often a company's inventory is sold or
bill of materials
a document that contains information about
dollar days (of inventory)
a measurement of the value of inventory for the time that inventory is held
materials requirements planning (MRP)
a computerbased information system that simulates the ordering and
a streamlined system of inventory
The beginning inventory for a period, plus the amount at the end of
Bill of materials
An itemization of the parts and subassemblies required to create a
The amount of money invested in inventory, as per a companyâ€™s
Direct materials cost
The cost of all materials used in a cost object, such as finished goods.
Direct materials mix variance
The variance between the budgeted and actual mixes of
Finished goods inventory
Goods that have been completed by the manufacturing
Materials price variance
The difference between the actual and budgeted cost to
Materials quantity variance
The difference between the actual and budgeted quantities
Moving average inventory method
An inventory costing methodology that calls for the re-calculation of the average cost of all parts in stock after every purchase.
A system that continually tracks all additions to and deletions
inventory that has been partially converted through the
Goods that a firm stores in anticipation of its later sale or use as an input.
Average-Cost Inventory Method
The inventory cost-flow assumption that assigns the average
First-In, First-Out (FIFO) Inventory Method
The inventory cost-flow assumption that
The cost of unsold goods that are held for sale in the ordinary course of business or
The number of days it would take to sell the ending balance in inventory at the
A shortfall between inventory based on actual physical counts and inventory
Last-In, First-Out (LIFO) Inventory Method
The inventory cost-flow assumption that assigns the most recent inventory acquisition costs to cost of goods sold. The earliest inventory
ABC inventory classification
A method for dividing inventory into classifications,
Bill of materials (BOM)
A listing of all parts and subassemblies required to produce one
Breeder bill of materials
A bill of material that accounts for the generation and
inventory intended for shipment to customers, usually
The dollar value or unit total of goods on hand at the end of an
Finished goods inventory
Completed inventory items ready for shipment to
Excess inventory kept on hand to provide a buffer against
Excess inventories kept on hand as a buffer against contingent
Parts with no recent prior or forecasted usage.
inventory currently situated between its shipment and delivery
Those items included categorized as either raw materials, work-inprocess,
A transaction used to adjust the book balance of an inventory
The redirection of parts or finished goods away from their intended
A transaction used to record the reduction in inventory from a location,
The arrival of an inventory delivery from a supplier or other
inventory returned from a customer for any reason. This receipt
The number of times per year that an entire inventory or a
A document listing the quantities of specific parts to be withdrawn
An inventory itemâ€™s budgeted maximum inventory level,
An inventory itemâ€™s budgeted minimum inventory level.
The current inventory balance, less allocated or reserved items.
Parts not used in any current end product.
A physical inventory count taken on a repetitive basis.
A manual or automated inventory tracking system in which
A manual count of the on-hand inventory.
Base-level items used by the manufacturing process to create either
The process of comparing book to actual inventory balances,
Very high inventory levels built up in anticipation of large
Summarized bill of materials
A bill of materials format showing the grand total
Parts for which the on-hand quantity exceeds forecasted
The direct management and ownership of selected
The release of items from storage.
Ratio of annual sales to inventory, which shows how many times the inventory of a firm is sold and replaced during an accounting period.
systematic withdrawal plan
Plans offered by mutual fund companies that allow unitholders to receive payment from their investment at regular intervals.
The accounting period adopted by a business for the production of its financial statements.
material requisition form
a source document that indicates
an inventory ordering system in which two
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