MANAGEMENT

Detailed explanation-1: -Inventory is the raw materials used to produce goods as well as the goods that are available for sale. It is classified as a current asset on a company’s balance sheet. The three types of inventory include raw materials, work-in-progress, and finished goods.

Detailed explanation-2: -Inventory is a current asset account found on the balance sheet, consisting of all raw materials, work-in-progress, and finished goods that a company has accumulated.

Detailed explanation-3: -Manufacturing is the process of turning raw materials or parts into finished goods through the use of tools, human labor, machinery, and chemical processing.

Detailed explanation-4: -Raw materials are unfinished materials or natural resources used to produce or manufacture finished products for sale. These materials can be used in their unprocessed or processed form as found suitable. Examples include cotton, crude oil, coal, rubber blanks, mineral ores, wood, etc.

Detailed explanation-5: -Inventories is the value of raw materials held, work-in-process and finished good held by the business.