ENTREPRENEURIAL OPERATIONS
PRODUCTION PLANNING AND CONTROL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Parts and components used in the production process are examples of what?
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Work-in-progress
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Raw materials
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Finished goods
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Buffer stocks
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Explanation:
Detailed explanation-1: -What is included in work in progress inventory? Work-in-process costs include all raw materials and labor needed to manufacture the final product. Calculating WIP inventory is complicated because it requires an assessment of the cost of labor and overhead associated with the percentage of work completed.
Detailed explanation-2: -What is WIP Manufacturing? Work in progress (WIP) refers to any inventory that has begun the manufacturing process but is not yet a finished good. WIP refers to the labor, raw materials, and overhead costs incurred on goods that are in various stages of manufacturing.
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