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Definition of Raw materials
Unprocessed goods bought for manufacture, part of inventory.
The total cost of all component parts currently in stock that
For companies: raw materials, items available for sale or in the process of being made ready for
The value of the products that a retailing or wholesaling company intends to resell for a profit.
The accounting period adopted by a business for the production of its financial statements.
Goods bought or manufactured for resale but as yet unsold, comprising raw materials, work-in-progress and finished goods.
A list of all the labour or machining processes and times required to convert raw materials into finished goods or to deliver a service.
Refers to the sum of manufacturing direct labor and overhead
Overhead generally refers to indirect, in contrast to direct,
an inventory ordering system in which two
raw materials or subassemblies used to make either finished goods
Those items included categorized as either raw materials, work-inprocess,
An automatic system for revising the exchange rate. It involves establishing a par value around
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
Special drawing rights (SDR)
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
Bill of materials
A listing of all the materials and quantities that go to make up a completed product.
bill of materials
a document that contains information about
materials requirements planning (MRP)
a computerbased information system that simulates the ordering and
Bill of materials
An itemization of the parts and subassemblies required to create a
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
Materials price variance
The difference between the actual and budgeted cost to
Materials quantity variance
The difference between the actual and budgeted quantities
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
A document listing the quantities of specific parts to be withdrawn
Base-level items used by the manufacturing process to create either
Summarized bill of materials
A bill of materials format showing the grand total
The release of items from storage.
systematic withdrawal plan
Plans offered by mutual fund companies that allow unitholders to receive payment from their investment at regular intervals.
Cost of goods sold
The cost of merchandise that a company sold this year. For manufacturing companies, the cost of raw
material requisition form
a source document that indicates
A materials flow concept in which parts are only withdrawn after a
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