Types of Inventory and Inventory Accounts for manufacturing company

Setup Tips In a Manufacturing company, you start from purchasing raw materials and end up selling finished products: Purchase Raw Material >--(convert)--> Work-In-Process >--(convert)--> Finished Goods >>>>Sales of Finished Goods Thus, there are 3 types of inventory for a typical manufacturing company: 1) Raw Material Inventory - raw material to be used as input in manufacturing process 2) Work-in-Progress (WIP) Inventory - Goods [...]