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| Corporate Practice bd |
Work in Process (WIP) Physical Inventory counting Process:
The Work in Process (WIP) physical inventory counting process is crucial in manufacturing and production to ensure accurate reporting of partially completed goods.
Here's a step-by-step guide to the process:
Introduction to ABC Rotor Spinning:
Rotor spinning is a modern method of producing yarn from fiber, characterized by high production efficiency and the ability to handle a wide range of fiber types. The process involves feeding fiber into a rotor where it is spun into yarn. Understanding Work-in-Process (WIP) inventory is crucial for effective management in rotor spinning mills.
What is Work-in-Process (WIP) Inventory?
WIP inventory refers to the goods that are in various stages of production Process but are not yet completed.
In a rotor spinning Mill, there are several production process includes:
- Blow room -Section
- Carding -Section
- Drawing-Section
- Finishing-Section
Importance of WIP Inventory Management:
1. Cost Control:
Proper WIP management helps control production costs by minimizing excess inventory and reducing carrying costs.
2. Production Flow:
It ensures a smooth production process, reducing bottlenecks and optimizing machine utilization.
3. Quality Assurance:
Monitoring WIP allows for early detection of defects and quality issues in the production process.
4. Operational Efficiency:
Effective WIP management enhances overall operational efficiency and productivity.
Let’s start for Conducting WIP Physical Inventory:
WORK-IN-PROCESS OF BLOW ROOM SECTION:
|
SL.NO. |
Particulars |
Qty-kg |
Remarks |
|
1 |
Raw cotton(Bale) in Hand |
2500 |
|
|
2 |
Raw Material in Lay Down |
8,390.00 |
|
|
3 |
Raw Material (PCW) |
8,700.00 |
|
|
4 |
Sliver(PCW) |
1,661.00 |
|
|
5 |
Rotor dropping(RD)/Taker-in,Usable |
2,550.00 |
|
|
6 |
Raw Cotton (Bale),ACML-1(Loan slip) |
4,369.00 |
|
|
7 |
Recycling Waste (RW),Unusable |
- |
|
|
8 |
Blow room Dust |
1,200.00 |
|
|
9 |
Blow room Machines |
1,600.00 |
|
|
|
Total |
30700 |
|
Work-in-process of Carding Section:
|
Machine NO. |
Particulars |
Qty (KG) |
Remarks |
|
1 |
Rieter Carding |
26 |
|
|
2 |
" |
38 |
|
|
3 |
" |
25 |
|
|
4 |
" |
22 |
|
|
1 |
Trutzschler Carding |
26 |
|
|
2 |
" |
25 |
|
|
3 |
" |
36 |
|
|
4 |
" |
34 |
|
|
5 |
" |
24 |
|
|
6 |
" |
30 |
|
|
7 |
" |
32 |
|
|
8 |
" |
28 |
|
|
9 |
" |
34 |
|
|
10 |
" |
30 |
|
|
11 |
" |
28 |
|
|
12 |
" |
38 |
|
|
13 |
" |
25 |
|
|
14 |
" |
20 |
|
|
15 |
" |
18 |
|
|
16 |
" |
17 |
|
|
17 |
" |
31 |
|
|
18 |
" |
33 |
|
|
19 |
" |
16 |
|
|
20 |
" |
18 |
|
|
21 |
" |
24 |
|
|
22 |
" |
20 |
|
|
23 |
Sliver in Spare Can |
152 |
|
|
|
Total |
850 |
|
Work-in-process of Drawing Section:
|
Machine NO. |
Particulars |
Qty (KG) |
Remarks |
|
|
|
1 |
sliver |
- |
|
|
|
|
2 |
sliver |
220.00 |
|
|
|
|
3 |
sliver |
160.00 |
|
|
|
|
4 |
sliver |
168.00 |
|
|
|
|
5 |
sliver |
180.00 |
|
|
|
|
6 |
sliver |
- |
|
|
|
|
7 |
sliver |
126.00 |
|
|
|
|
8 |
sliver |
220.00 |
|
|
|
|
9 |
sliver |
140.00 |
|
|
|
|
10 |
|
- |
|
|
|
|
11 |
|
- |
|
|
|
|
12 |
|
2,526.00 |
|
|
|
|
|
Total |
3740 |
|
|
|
Work-in-process of Packing Section:
|
SLNO. |
Count |
Qty (KG) |
|
1 |
7/1 OE |
425.00 |
|
2 |
8/1OE |
320.00 |
|
3 |
9/1 OE |
455.00 |
|
|
Total |
1200 |
Work-in-process of Finishing Section:
|
Machine NO. |
Particulars |
Qty (KG) |
|
Auto Coro 1 |
Sliver + Yarn |
2,120.00 |
|
Auto Coro 2 |
Sliver + Yarn |
1,920.00 |
|
Auto Coro 3 |
Sliver + Yarn |
560.00 |
|
Autocoro 4 |
Sliver + Yarn |
1,850.00 |
|
Autocoro 5 |
Sliver + Yarn |
2,060.00 |
|
Rotor-6(R-40) |
Sliver + Yarn |
2,700.00 |
|
Rotor-7(R-40) |
Sliver + Yarn |
2,500.00 |
|
Rotor-8(BD-330) |
Sliver + Yarn |
2,350.00 |
|
Rotor-9(BD-330) |
Sliver + Yarn |
2,400.00 |
|
Rotor-10(BD-330) |
Sliver + Yarn |
2,450.00 |
|
|
Total |
20910 |
In Finally:
Work-in Process(WIP) -Inventory Report as on 30.06.2024
|
SL NO. |
Particulars |
Qty (KG) |
Remarks |
|
1 |
Blow room -Section |
30700 |
|
|
2 |
Carding-Section |
850 |
|
|
3 |
Drawing-Section |
3740 |
|
|
4 |
Packing-Section |
20910 |
|
|
5 |
Finishing-Section |
1200 |
|
|
6 |
Total(all sections) |
57400 |
Conclusion:
Effective management of Work-in-Process inventory in rotor spinning mills is essential for optimizing production efficiency, controlling costs, and maintaining quality. By implementing structured inventory practices and leveraging technology, mills can enhance their operational performance and responsiveness to market demands