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The stock is divided into the following types
1- Inventory of raw materials
2- Stock material assistance and supplies
3- Stock production under Process
4- Stock production full5- Stocks tools and office supplies
It is one of the most important items are the main investment activity in any company and Classify Under current assets
It is Evaluated at cost or market, whichever is less When the exchange of any of these types of stocks are used when one of the following methods evaluation Cost
1- First In First Out, this method and the balance of stocks is evaluated with the latest stock prices
2- Last In First Out, the balance of stocks is evaluated oldest stock prices
3 Weighted average
Inventory is equivalent to cash, and inventory control is as important as Cash Management.
The various types of inventories are:
Raw materials: Raw materials, required for production of finished products are one of the basic components of inventory for a manufacture. Shortage of raw materials can cause production stoppage or change in production Schedule which in turn may result in a shortage of finished goods. Thus sufficient quantities of raw materials need to be stored to cope with uncertain situations. However, where shortage of raw materials can disrupt normal manufacturing operations, excessive inventories can increase inventory carrying costs and reduce profitability.
Finished Goods: Finished goods are another important part of inventories, especially for the wholesalers and manufacturers. While holding finished goods inventory, it is important to have a adequate and not excess stock of inventories as they may incur cost as well as loss if the excess inventory is not sold out in time.
W.I.P.: Work In Progress (W.I.P.) inventory is often maintained between manufacturing operations within a plant to avoid production hold ups in case a critical machine or equipment were to breakdown and also to equalize production flow, since not all manufacturing units produce at the same rate.
Spare parts: Spare part inventories are mainly held for purpose of coping up with untimely breakdowns in machinery and facilities. This may form a minor part of the inventory, however are as necessary as holding raw materials inventory.
Inventory in standard name is
Raw Materials
Finished Goods
Consumables stores
in simple sense any things which is kept in store for the purpose of sale and in a factory, anything kept for processing and sales is called materials and goods and in counted towards inventory.
The stock is the biggest worries of any company
A commodity stocks
Strategic stocks
Emergency stocks
