1.Material which are used for manufacturing the products are Raw Material.
2.Finished goods which are incomplete i.e., partial work done and further work is required to convert the same into FG are WIP.
3.Goods which are ready to remove from factory are Finished Goods.
these are parts of inventories, but how to know how many are WIP and Finished Goods
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An Associate lawyer, working for a law firm (XY) had travelled to other cities for a client work on behalf of the firm XY. The amount (for tickets, hotel etc.) he had spent from his pocket are being reimbursed by the firm XY. Now, my questions is, what should i raise to the client for these expenditure, will it comes under debit note or normal invoice?
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Parts of Inventories ( WIP and Finished Gooods)