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Work in process is the inventory of items in a manufacturing plant that are in the stages between raw materials and finished goods. Learn how to calculate WIP, how it differs from work in progress, and why it's important for businesses and economies.
How Does Goods in Process Work? Goods in process = (operating inventory goods in process + raw materials used during the period + direct labor during the period + factory overhead for period) - ending inventory. The value of that partially completed inventory is recorded as goods in process on the asset side of the balance sheet.
A buyout is the purchase of at least 51% of a company, which gives the buyer control and compensation. Learn how buyouts work, why they matter, and who conducts or supplies them.
Underwriting is the process of assessing and pricing the risk of a potential customer or investment. Learn how underwriting works for lenders, insurers and investment bankers, and see examples of different types of underwriting.
Ending inventory is the book value of inventory at the end of a financial or accounting reporting period. Learn how to calculate it, why it matters, and how it differs for manufacturers.
Inventory is the physical count of the commodities at any point during the production and delivery process. Learn about the three types of inventory (raw materials, work-in-progress, and finished goods), how to manage them, and why they are important for businesses.
How does Short Selling work? Short selling involves a three-step process. 1) Borrow shares of the security, typically from a broker. 2) Sell the shares immediately at the market price. 3) Repurchase the shares (hopefully at a lower price) and return them to whoever you borrowed them from.
Learn what asset management means in finance and how it works for advisors and companies. Find out how to grow your portfolio, maximize your value, and manage your assets effectively.
Backflush costing is an accounting method that records the costs of producing a good or service only after it is completed or sold. It is a more streamlined and efficient way of accounting, but it may not conform to generally accepted accounting principles and make auditing difficult.
Labor intensive is a production process that uses more labor than capital. Learn how it works, why it matters and see an example of a labor intensive industry.