In: Accounting
Pastel
accounting package is handy with inventory measurements.
Fully
elaborate using five types
of inventory.
5 type of inventory
1. Raw materials : raw materials are the items used to manufacture finished products or the individual components that go into them. These can be produced or sourced by a business itself or purchased from a suppliers.
2. Work in progress (WIP) : these inventory are again refers to retailers that manufacture their own products. These are unfinished items or components currently in production but not yet ready for sale.
3. Finished goods: finished goods are the products that are completely ready for sale. These may have been manufactured by the business itself, or purchased as a whole, finished goods from suppliers.
4. Maintenance, repair and operations (MRO) : MRO goods are items used within the manufacture of products but without directly making up any part of finished products
It's includes
5. Packing materials: packing materials are anything you used for packing and protecting goods -either while in storage or during shipping to customers.