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Financial Terms | |
Work-in-process inventory |
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Definition of Work-in-process inventoryWork-in-process inventoryinventory that has been partially converted through the
Related Terms:actual cost systema valuation method that uses actual direct applied overheadthe amount of overhead that has been assigned to work in process inventory as a result of productive activity; credits for this amount are to an overhead account job order cost sheeta source document that provides virtually material requisition forma source document that indicates normal cost systema valuation method that uses actual ABC inventory classificationA method for dividing inventory into classifications, Average-Cost Inventory MethodThe inventory cost-flow assumption that assigns the average ![]() Average inventoryThe beginning inventory for a period, plus the amount at the end of Blanket inventory lienA secured loan that gives the lender a lien against all the borrower's inventories. Book inventoryThe amount of money invested in inventory, as per a company’s business process reengineering (BPR)the process of combining information technology to create new and more effective Contract Work Hours and Safety Standards ActA federal Act requiring federal contractors to pay overtime for hours worked exceeding 40 per week. Corporate processing floatThe time that elapses between receipt of payment from a customer and the cost-benefit analysis the analytical process of comparing therelative costs and benefits that result from a specific course Days' sales in inventory ratioThe average number of days' worth of sales that is held in inventory. Diffusion processA conception of the way a stock's price changes that assumes that the price takes on all Discouraged WorkerAn unemployed person who gives up looking for work and so is no longer counted as in the labor force. Distribution inventoryinventory intended for shipment to customers, usually dollar days (of inventory)a measurement of the value of inventory for the time that inventory is held economically reworkedwhen the incremental revenue from the sale of reworked defective units is greater than Ending inventoryThe dollar value or unit total of goods on hand at the end of an FIFO method (of process costing)the method of cost assignment that computes an average cost per equivalent Finished goods inventoryGoods that have been completed by the manufacturing Finished goods inventoryCompleted inventory items ready for shipment to First-In, First-Out (FIFO) Inventory MethodThe inventory cost-flow assumption that Fluctuation inventoryExcess inventory kept on hand to provide a buffer against Hedge inventoryExcess inventories kept on hand as a buffer against contingent In-house processing floatRefers to the time it takes the receiver of a check to process the payment and In-transit inventoryinventory currently situated between its shipment and delivery Inactive inventoryParts with no recent prior or forecasted usage. InventoryFor companies: Raw materials, items available for sale or in the process of being made ready for InventoryGoods bought or manufactured for resale but as yet unsold, comprising raw materials, work-in-progress and finished goods. InventoryThe cost of the goods that a company has available for resale. InventoryGoods that a firm stores in anticipation of its later sale or use as an input. InventoryThe cost of unsold goods that are held for sale in the ordinary course of business or InventoryThose items included categorized as either raw materials, work-inprocess, Inventory adjustmentA transaction used to adjust the book balance of an inventory Inventory DaysThe number of days it would take to sell the ending balance in inventory at the Inventory diversionThe redirection of parts or finished goods away from their intended Inventory issueA transaction used to record the reduction in inventory from a location, Inventory loanA secured short-term loan to purchase inventory. The three basic forms are a blanket Inventory receiptThe arrival of an inventory delivery from a supplier or other Inventory returnsinventory returned from a customer for any reason. This receipt inventory shrinkageA term describing the loss of products from inventory Inventory ShrinkageA shortfall between inventory based on actual physical counts and inventory Inventory turnoverThe ratio of annual sales to average inventory which measures the speed that inventory INVENTORY TURNOVERThe number of times a company sold out and replaced its average stock of goods in a year. The formula is: Inventory turnoverThe number of times per year that an entire inventory or a Inventory TurnoverRatio of annual sales to inventory, which shows how many times the inventory of a firm is sold and replaced during an accounting period. inventory turnover ratioThe cost-of-goods-sold expense for a given Inventory Turnover RatioProvides a measure of how often a company's inventory is sold or inventory write-downRefers to making an entry, usually at the close of a Ito processStatistical assumptions about the behavior of security prices. For joint processa manufacturing process that simultaneously Just-in-time inventory systemsSystems that schedule materials/inventory to arrive exactly as they are Last-In, First-Out (LIFO) Inventory MethodThe inventory cost-flow assumption that assigns the most recent inventory acquisition costs to cost of goods sold. The earliest inventory Make-Work ProjectA project, such as digging holes and filling them up again, that has no useful purpose other than to make work. Maximum inventoryAn inventory item’s budgeted maximum inventory level, MERCHANDISE INVENTORYThe value of the products that a retailing or wholesaling company intends to resell for a profit. Minimum inventoryAn inventory item’s budgeted minimum inventory level. modified FIFO method (of process costing)the method of cost assignment that uses FIFO to compute a cost per Moving average inventory methodAn inventory costing methodology that calls for the re-calculation of the average cost of all parts in stock after every purchase. multiprocess handlingthe ability of a worker to monitor Net inventoryThe current inventory balance, less allocated or reserved items. Net working capitalCurrent assets minus current liabilities. Often simply referred to as working capital. net working capitalCurrent assets minus current liabilities. network organizationa flexible organization structure that Obsolete inventoryParts not used in any current end product. Periodic inventoryA physical inventory count taken on a repetitive basis. Periodic inventory systemAn inventory system in which the balance in the inventory account is adjusted for the units sold only at the end of the period. Perpetual inventoryA system that continually tracks all additions to and deletions Perpetual inventoryA manual or automated inventory tracking system in which Perpetual inventory systemAn inventory system in which the balance in the inventory account is adjusted for the units sold each time a sale is made. Personal Responsibility and Work Opportunity Reconciliation ActA federal Act requiring the reporting of new hires into a national database. Physical inventoryA manual count of the on-hand inventory. Price discovery processThe process of determining the prices of the assets in the marketplace through the ProcessA series of linked activities that result in a specific objective. For example, the process benchmarkingbenchmarking that focuses on practices and how the best-in-class companies achieved their results process complexityan assessment about the number of processes through which a product flows Process costingA method of costing for continuous manufacture in which costs for an accounting compared are compared with production for the same period to determine a cost per unit produced. Process costingA costing methodology that arrives at an individual product cost through the calculation of average costs for large quantities of identical products. process costing systema method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products; Process flow productionA production configuration in which products are continually process mapa flowchart or diagram indicating every step process productivitythe total units produced during a period process quality yieldthe proportion of good units that resulted from the activities expended processing timethe actual time consumed performing the product- (or process-) level costa cost that is caused by the development, production, or acquisition of specific products or services Purchased In-Process Research and DevelopmentUnfinished research and development that is acquired from another firm. Raw materials inventoryThe total cost of all component parts currently in stock that Reconciling inventoryThe process of comparing book to actual inventory balances, Reprocessed materialMaterial that has been reworked and returned to stock. ReworkRefers to a product that does not meet a company’s minimum quality standards, ReworkThe refurbishment of a faulty part. Seasonal inventoryVery high inventory levels built up in anticipation of large statistical process control (SPC)the use of control techniques that are based on the theory that a process has natural variations in it over time, but uncommon variations strict FIFO method (of process costing)the method of cost assignment that uses FIFO to compute a cost per equivalent unit and, in transferring units from a department, keeps the Surplus inventoryParts for which the on-hand quantity exceeds forecasted vendor-managed inventorya streamlined system of inventory Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit. |