Let's talk about basic Production Process in Companies:
Raw Material gets converted into WIP,and WIP gets converted into Finished goods
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
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