Outside Production Services - Recon of Raw Material with Finished Products

Hello,

Request an expert opinion to handle the below business case.

Inventory Item Code '01-PLASTIC-605' is used to manage and maintain the raw material of Plastic Granules. This item is given to a third-party company in UOM 1 ton to produce baskets of different sizes. The third-party produces baskets from Plastic Granules and return to us. These finished products are maintained by using item code '06-BS1001-001' for Basket with size 1.5 Ft and item code '06-BS1001-002' with size 2.5 Ft 

We are on EBS using PO, INV and OM. Please guide how this can be achieved to complete the transactions with proper reconciliation of what we issued to third party for manufacturing and what we received from third party as finished Product.