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Updated On: May 18, 2023
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Concepts Used:
Production and Operations Management
Production function is that part of an organization, which is concerned with the transformation of a range of inputs into the required outputs (products) having the requisite quality level. Production is defined as “the step-by-step conversion of one form of material into another form through chemical or mechanical process to create or enhance the utility of the product to the user.” Thus production is a value addition process. At each stage of processing, there will be value addition
Formulas Used:
Cost of Goods Sold
Cost of Goods Sold = Opening inventory value + Purchases of inventory – Closing inventory value.