by Robert Brandon | Jan 26, 2023 | Accounting
Key takeaways The total manufacturing cost formula is: total manufacturing cost = direct material cost + direct labor cost + manufacturing overhead. The direct materials cost formula is: direct materials = (starting inventory + purchases – ending inventory). The...
by Olivia Barnes-Brett | Oct 13, 2022 | Inventory
Key takeaways The difference between wholesaler vs distributor boils down to whose interest they serve. Wholesalers buy in bulk and resell to retailers with little exclusivity, while distributors work closely with manufacturers and often have exclusive rights to sell...
by Olivia Barnes-Brett | Oct 6, 2022 | Inventory
Key takeaways The responsibilities of an inventory manager vary from tracking inventory levels to purchasing, replenishment, and managing supplier relationships. Inventory managers should employ a number of techniques, such as just-in-time inventory, reorder points,...
by Olivia Barnes-Brett | Sep 30, 2022 | Inventory, Popular Now
Key takeaways There are 5 fundamental types of inventory: raw materials, work-in-progress (WIP), finished goods, maintenance, repair, and operations (MRO), and packing materials. Raw materials are the basic components used to create finished goods. If the components...
by Olivia Barnes-Brett | Sep 16, 2022 | Accounting
Knowing how quickly stock sells gives businesses a good insight into their inventory management. No matter the size of your business or the industry you’re in, it’s important to know how long you hold onto stock so you can optimize processes. This is where...
