Question 3: (17 Marks) 3.1 In your own words, explain the importance of Work in process goods concerning stock control and inventory management. In addition, conduct research, and provide a practical example of a work in process item which can be found at any manufacturing organisation. (3 marks)

3.2 Briefly discuss the two (2) types of Work in process goods. Additionally, research and provide one (1) example for each type of work in process goods listed. (4 marks)

3.3 In chronological order, list each step of the accounting for the work in process goods process. (4 marks) *Note to student: - A maximum of one (1) may be awarded for correctly listing each step in the correct order for the Work in process of goods. (1 + 1 + 1 + 1 = 4 marks)

3.4 Read the extract below and answer the question that follows:

Finished goods are the items that have been through the entire production process and are held by a business, awaiting distribution. The amount of finished goods that a business holds at a certain time is determined by internal and external factors, such as lead time and costs. Source: Meyer, A. Schutte, P. Wheeler, B. Kufandarerwa, R. Makiwa, P. Cawthra, T. Ruziwa, R. Rourke-McGill. Nokhepheyi, Y. Zandberg, E. 2020. Principles of Stock Control and Inventory Management. First Edition. Westlake Business Park, Cape Town: Edge Learning Media.

Additional information: Some of the factors that businesses consider when determining the quantities to be held as finished goods inventory include, but are not limited to: Financial factors Suppliers Lead time Product type Competitors

Required: As a stock control and inventory manager, you must discuss two (2) additional factors of consideration not listed above. (6 marks)