It takes more than raw materials and shop workers to manufacture products. Factories need power, supplies and employees whose functions are essential to the operation even though they aren't part of ...

For a manufacturing company, work in progress is created when items are part-way through the production process. WIP usually consists of three elements -- raw materials, direct labor and applied ...

A balance sheet is a financial statement that provides a broad overview of a given firm's assets, liabilities and shareholders' equity. This important document gives management and other interested ...