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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
raw materials or subassemblies used to make either finished goods
Refers to the sum of manufacturing direct labor and overhead
The accounting period adopted by a business for the production of its financial statements.
For companies: raw materials, items available for sale or in the process of being made ready for
Goods bought or manufactured for resale but as yet unsold, comprising raw materials, work-in-progress and finished goods.
Those items included categorized as either raw materials, work-inprocess,
The value of the products that a retailing or wholesaling company intends to resell for a profit.
Overhead generally refers to indirect, in contrast to direct,
A list of all the labour or machining processes and times required to convert raw materials into finished goods or to deliver a service.
an inventory ordering system in which two
A listing of all the materials and quantities that go to make up a completed product.
a document that contains information about
An itemization of the parts and subassemblies required to create a
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
An automatic system for revising the exchange rate. It involves establishing a par value around
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
Materials requirement planning
Computer-based systems that plan backward from the production schedule
materials requirements planning (MRP)
a computerbased information system that simulates the ordering and
A document listing the quantities of specific parts to be withdrawn
Negotiable order of withdrawal (NOW)
Demand deposits that pay interest.
Base-level items used by the manufacturing process to create either
Raw material supply agreement
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
Summarized bill of materials
A bill of materials format showing the grand total
systematic withdrawal plan
Plans offered by mutual fund companies that allow unitholders to receive payment from their investment at regular intervals.
The release of items from storage.
The ability to establish automatic periodic mutual fund redemptions and have proceeds
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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