Inventory

I buy fabric which gets cut into set size pieces which I make into wax wraps. 

What's the best way to account for:

* Purchase and inventory of fabric which

First: Gets cut into set size pieces (which I'd like to track quantity of), 

then gets a wax mix applied goes into stock as a finished item?

Same for the wax mix, which I manufacture from various items I buy?

So I buy items x, y, z to create item 'mix'.

Main things I'd like to track is knowing how much uncut fabric I have in stock, how many pieces of each size cut pieces (not yet waxed but on hand, then how many finished wraps I have. 

So the process is:

1. Buy wax mix items ->combine to make finished item 'Wax Mix'

2. Buy fabric->cut fabric into various sizes ->apply wax mix = finished product