Supplies should not be recognized as an expense until they are consumed.
Supplies can be recognized as an expense either before or after they are actually paid for.
The perpetual method of inventory usually eliminates the need for taking physical count of inventory --as is required under the periodic method.
Most updating and adjusting entries require the debiting or crediting of the Cash or Retained Earnings account.
Work in process inventory includes"storable"costs such as raw materials and"unstorablp" costs such as general and administrative costs.