Spoilage literally means wastage or scrap that occurs during the manufacturing process or is badly damaged material that is used for processing a product| Corporate Finance Institute
Inventory is a current asset account consisting of all raw materials, work-in-progress, and finished goods that a company has accumulated.| Corporate Finance Institute
Job order costing is used to allocate costs based on a specific job order. This guide provides the job order costing formula and how to calculate it.| Corporate Finance Institute