BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Raw materials, semi-finished goods, and finished goods are the three main categories of inventory that are accounted for in a company’s financial accounts.

Detailed explanation-2: -Ordering, holding, and shortage costs make up the three main categories of inventory-related costs. These groupings broadly separate the many different inventory costs that exist, and below we will identify and describe some examples of the different types of cost in each category.

Detailed explanation-3: -Finished goods inventory is the total number of manufactured products that are available, in stock, and ready for purchase by vendors, retailers, and consumers.

Detailed explanation-4: -There are four different top-level inventory types: raw materials, work-in-progress (WIP), merchandise and supplies, and finished goods. These four main categories help businesses classify and track items that are in stock or that they might need in the future.