Inventory can be classified into three major categories: raw materials, work in process and finished goods. Work in process (WIP) inventory consists of goods that have begun but not yet completed ...

FIFO (first in, first out) is the most common method of accounting for inventory. It assumes that the first items in were the first items sold. When inventory is used to create products, there is ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

This article is based on my observations the last few years when I’ve been invited into factories looking for help to start (or too often restart) a continuous improvement (CI) strategy. The subject ...