Can we take Services Accrued over the Payment Cycle of Services offered such as Tuition Provided in Hours Until Tuition Fees are Paid or Due on Accounting Cycle ? Can We Treat the Service offered as WIP during the Accounting Cycle and Take them as Finished Goods on the Day the said Services are due and recognise them as Revenue the day It’s realised as Cash ?!!

The washing machines and dryers would be inventory, since you should only have enough to cover customer demand. If they could get faster washers and dryers (like newer versions), you wouldn’t need as many. They could also help customers reduce time to unload the washers and dryers when done (alarms and lights or text alerts).

At a local laundromat in Portland, the washer is 17 minutes only. You get a text alert when it stops, so idle time is less. They need less washers and dryers because of this.

Another inventory would be detergent for purchase. They should have enough to cover purchases of detergent for each day only.

The work that is waiting to be performed by one of the consultants. Maybe it’s information that is waiting to be sent to a customer (drawing, recommendation, etc). It could be a drawing that is waiting for review and approval. It could be the number of desks in the office that are not being used. It could be office supplies, or it could be software licenses for CAD programs.
For interior design, the backlog of requests would be inventory. If they sell products, those items in the warehouse would be inventory. Anything where money or resources have been applied, but not enough where it can be sold or provided to a customer. Does this help?

It could be the number of body guards at an event, where you need enough to provide safety, but not too many. Or it could be the number of guards on staff. It could also be the equipment, supplies, weapons, badges, uniforms being stored in a warehouse. It could also be the number of requests for body guards that have not been fulfilled (due to not enough guards). The idea is to have the right number of resources, people, staff (not too many, not too few).

Yes, WIP could be customer requests waiting to be answered, unread emails, or applications waiting to be reviewed for approval/denial. Let me know what service firm you are thinking about, and we could give more specifics.

What would the inventory be for a courier company like DHL?

Yes it does… Thank you

The actual packages are inventory, so obviously the goal is to get them delivered as fast as possible with little delay. If you look at the time from when the customer packages and labels their item, until it arrives at their customer’s receiving area, all of that would be inventory. It could also be the number of trucks sitting idle that aren’t being used. If you are in the office side of a courier company, it could be the stack of refunds needing to be processed, or emails for quotes that haven’t been completed yet. Hope that helps.

I don’t know much about accounting, but I would guess inventory would be to-do action lists, email inbox not read, backlog of reports needing to be completed, transactions of the business not recorded “in the books” yet, physical paperwork stored in file cabinets, and maybe invoices sent to customers that haven’t been paid yet. Anyone familiar with accounting that can add to this?

The number of classes offered is inventory. There are probably more classes listed than needed, and not enough classes in other areas. The more classes there are listed, the longer it takes students to find the class they need. Books would also be inventory. Can the students order the books just-in-time (JIT), instead of buying them all at once up front, and not using them until the end of the semester (if at all). Inventory would also be the number of students waiting to hear if they were accepted to the school, or those waiting for their student loans to be approved. Does that help? Anyone else have examples of inventory?