The total direct materials purchases of materials A and B (assuming no beginning or ending material inventory) required for July production is: 1. $1,080,000 for A; $648,000 for B
<h3>What is
inventory?</h3>
Inventory, also known as stock, refers to the goods and materials that a company keeps for the purpose of resale, production, or use. Inventory management is primarily concerned with specifying the shape and placement of stocked goods.
There are four types of inventory: raw materials/components, work in progress (WIP), finished goods, and maintenance and repair (MRO).
Inventory valuation methods include FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost).
Manufacturers have three kinds of inventory. They are raw materials (that have yet to be worked on), work-in-progress (that is currently being worked on), and finished goods (which are ready for shipping).
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