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Let's talk about basic Production Process in Companies:

Raw Material gets converted into WIP,and WIP gets converted into Finished goods Production Process in Companies - Basics of Excise

Now, to make WIP, we need

  • Raw Material
  • Consumables
  • Store & Spars
  • Power
  • Labour

And, then the WIP (with the help of packaging material) gets converted into Finished Goods,

Which we then sell...and the remaining material is converted into scrap



Raw Material WIP Finished Goods Raw material consumables Store & spars power Labor packing Material Finished Goods Sales of Goods (Removal) Scrap

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Davneet Singh

Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.