What is Inventory?
Inventory refers to the stock of goods or materials a company holds for production, resale, or future use. It includes raw materials, work-in-progress items, and finished goods.
What are the types of Inventory?
There are several types of inventory that businesses may hold. Some common types include:
Raw materials
Work-in-progress
Finished goods
MRO goods (Maintenance, Repair, and Operating supplies)
How to complete Inventory
Completing inventory is an essential task for businesses to keep track of their stock levels accurately. Here are some steps to help you complete inventory:
01
Take a physical count of all items in your warehouse or storage area.
02
Record the quantity of each item accurately.
03
Compare the physical count against your records to identify discrepancies.
04
Investigate and resolve any discrepancies to ensure accurate inventory levels.
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