Obtain raw material, Add supplies, labor and overhead to Work in process inventory, Place finished goods in the finished goods inventory, Transfer sold inventory to the cost of goods sold are the inventory cost in manufacturing process.
Inventory costing is a technique used in inventory control. Inventory control within a supply chain helps to lower total inventory expenses and determine how much items a company should carry. All of this information assists businesses in determining the appropriate margins to apply to each product or product type. The cost of goods available for sale at that point is calculated by multiplying the average cost per item by the final inventory count. To calculate the cost of products sold, the same average cost is applied to the number of items sold in the prior accounting period.
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