A manufacturer’s classifications are raw materials,work in process and finished goods.how i will maintain this a/c as of 31/12/12 (ie which are the amounts i have to transfer to this a/c(work in process,finished goods)we are doing a concrete supply business.
01 June 2012
1.Finished goods are completely finished the manufacturing process kept as stock, this need to be transfer to finished goods account 2.Work in progress based on the work completion percentage of each product this percentage completion will provide by the production department and compare with the process cost details you can transfer to WIP