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Inventories consist of raw material, work-in-process and finished goods which are held by a business in ordinary course of business, either for sale or for the purpose of using them in the process of producing goods and services. Agree ?
Yes. However, goods by nature are different like permanent goods, consumables, semi-consumables and salvage. Each inventory item is classified in any of these. Similarly, each item requires different types of storage - regular warehouse, temperature-controlled and so on. To move further the transportation, loading and unloading, stacking requirements all are different.
yes agree. but there are one more type which is MRO which make a considerable value at service companies. analyzing of each type level , percent can be useful in managing inventory and help to correct inventory mix
There are two major type of inventory in storage area( Perpetual & Physical count). On the other hand goods replanishment according to the scientific lead time. It will help to control finincial inventory level .
Yes agreed with mr parvez AK
1- raw materials inventory
2-WIP inventory
3- finished goods
4- service inventory
yes agree
