What is inventory and types of inventory.
Expert Answer
Inventory is the stock of raw material or the finished goods hold by organizations for the purpose of producing finished goods or selling to the final customers.
Types of inventory:
Raw materials: Products which will be further machined to get transformed into final product.
Work in progress: Material which are already undergoing operations and are in process of transformation.
Finished goods: Goods that has undergone every production operation and is ready to be assembled to make another product or sold as it is to the customers. Also called as merchandise (ready to be sold
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