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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

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Transcript

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.