There are two main types of business. These are businesses that deal in products and businesses that deal in services. All other types of businesses are a mix of one of these two. Think about it, as a ...

Work-in-process inventory refers to the partially completed materials within a production line. According to the team at Accounting Tools, this term considers the cost of raw materials, direct labor ...

Impact on Cost of Goods Sold (COGS): Net purchases are a direct input in calculating COGS. Accurate net purchases ensure that ...

The number of times a business sells and replaces its stock over a given time period is its inventory turnover ratio. The inventory turnover ratio, also sometimes called stock turns or inventory turns ...