Work in process refers to materials that have begun their transformations into finished products but are not yet complete. When running a business, you should keep track of your work in process and ...

According to Jeffery Liker’s book, The Toyota Way, it’s estimated that most business processes are 90% waste and 10% value-added work. Value-added activities in a process are considered those that ...

Factory overhead is any cost other than direct materials or direct labor, such as electricity, incurred while manufacturing inventory. Work-in-process inventory is what a company has started ...

Before dealer principals and store managers brush aside the issue by stating something like, “I’m a car guy, not an accountant,” NADA Academy instructor Eric Dreisbach shared eight potential pitfalls ...