Types of inventory
What are the different types of inventory?
There are four general categories of inventory:
1. Materials and supplies: these are materials that are consumed in the process of manufacturing product or in the conduct of business.
2. Work-in-process: partially finished product or subassemblies in the manufacturing process.
3. Finished goods: salable finished product.
4. Reject, damaged or obsolete: any of the above categories that are deficient in some way and cannot be carried at full value.
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