What are the 4 types of Inventory? - ProProfs Discuss
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What are the 4 types of Inventory?




Asked by Bcorazza, Last updated: Sep 12, 2021

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2 Answers

A.Layla

A.Layla

A.Layla
A.Layla

Answered May 01, 2018

Raw Material-otherwise called a feedstock or most effectively unprocessed material, is an essential material that is utilized to deliver goods, finished items, energy, or intermediate materials which are feedstock for future finished items.

Work in process (WIP)- WIP alludes to raw materials, work and overhead expenses incurred for items that are at different phases of the production process. WIP is a component of the inventory asset account on the balance sheet, and these expenses are exchanged to the finished goods account and inevitably to cost of offers.

Maintenance/repair/operating (MRO)- are utilized as a part of production and plant maintenance and can be things, for example, maintenance supplies, spare parts, and consumables utilized as a part of the production process

Finished goods-Finished goods will be goods that have been finished by the manufacturing process, or bought in a finished frame, however which have not yet been sold to clients.

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bcorazza

bcorazza

bcorazza
Bcorazza

Answered Sep 22, 2017

Raw Material- Purchased but not processed 2. Work in process (WIP)- undergones some change but not completed. 3. Maintenance/repair/operating (MRO)- Necessary to keep machinery and proceses productive. 4.Finished goods- completed product awaiting shipment
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