When the products are completed, their costs must be transferred from the Work in Process Inventory and into the Finished Goods Inventory.
Manufacturing is the process of turning raw materials or parts into finished goods through the use of tools, human labor, machinery, and chemical processing. Manufacturing is integral to the economy.
In the first in first out (FIFO) system, the cost of those inventory items that were acquired first are charged to expense when goods are sold; this means that only the cost of the most recently-acquired goods is still recorded in inventory.
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