MANAGEMENT

Detailed explanation-1: -An inventory record comprises information on the type and quantity of merchandise a company has in stock. Merchandise on hand, inventory on order, and inventory on hold for work-in-progress are all included in the inventory books. It is often referred to as a stock record.

Detailed explanation-2: -Inventory is known as being a company’s goods and products that can be sold. It is labeled as being the current asset on a company’s balance sheet.

Detailed explanation-3: -There are 3 main types of Inventory Records. Category Records, Vendor Records, and Item Records.

Detailed explanation-4: -Inventory records are repositories of data pertaining to each item in a brand’s product line, including: What’s in stock at the SKU level. What’s been sold and reordered. The product’s value.

Detailed explanation-5: -Inventory refers to any raw materials and finished goods that companies have on hand for production purposes or that are sold on the market to consumers. Two types of inventory are periodic and perpetual inventory. Both are accounting methods that businesses use to track the number of products they have available.