BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The main function of inventory is to provide operations with an ongoing supply of materials. To achieve this function effectively, your business should strive to find a sweet spot between too much and too little, without ever running out of stock.

Detailed explanation-2: -The main purpose of inventory management is to help businesses easily and efficiently manage the ordering, stocking, storing, and using of inventory. By effectively managing your inventory, you’ll always know what items are in stock, how many of them there are, and where they are located.

Detailed explanation-3: -What is asset inventory? Asset inventory is the way an organization lists and provides details of the assets it owns. This can cover a range of different types of assets, from tangible fixed assets such as property and equipment, intangible assets such as intellectual property.

Detailed explanation-4: -What Is an Inventory Asset? Inventory assets are the finished products, parts or raw materials that a company intends to sell. In accounting, a company records inventory as a current asset on its balance sheet. In manufacturing, inventory assets serve as the buffer in case there’s a spike in demand.