There are 3 types of Inventory as below:
1) Raw Material Inventory
2)Work in Process Inventory
3)Finished Goods Inventory
Schedule for Work in Process Inventory is as below:
Beginning Balance of Work in Process...................................................................XXX
Direct Materials
Beginning Balance of Direct Materials................................XXX
Add: Purchase of Raw Materials...........................................XXX
Total Raw Materials Available...............................................XXX
Less: Ending Balance of Raw Materials..............................(XXX)
Raw Materials Consumed.....................................................................XXX
Direct Labour...........................................................................................XXX
Manufacturing Costs
Indirect Labour....................................XXX
Factory Repairs...................................XXX
Factory Utility......................................XXX
Total Manufacturing Overhead............................................................XXX
Total Manufacturing Costs....................................................................................XXX
Total Cost of Work in Process..............................................................................XXX
Less: Ending Balance of WIP................................................................................(XXX)
Cost of Goods Manufactured................................................................................XXX
