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What is Unrealised Profit in Manufacturing Accounts about?

This document provides definitions and explanations of key manufacturing accounting terms: 1) It defines direct materials, direct labor, indirect labor, factory overhead, prime cost, and factory cost. 2) It explains why finished goods inventory is not shown at transfer price due to the inclusion of unrealized profit and the accounting concept of prudence. 3) It describes why businesses create a provision for unrealized profit to remove the profit element from inventory valuations.

Author

Harshit Dalal

Language

EN