MANAGEMENT

Detailed explanation-1: -Anticipation inventory or speculation inventory refers to extra finished products or raw materials a business purchases to meet an anticipated jump in demand.

Detailed explanation-2: -There are four main types of inventory: raw materials/components, WIP, finished goods and MRO.

Detailed explanation-3: -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-4: -Inventory refers to all the items, goods, merchandise, and materials held by a business for selling in the market to earn a profit. Example: If a newspaper vendor uses a vehicle to deliver newspapers to the customers, only the newspaper will be considered inventory.

Detailed explanation-5: -What are the three most common inventory control models? Three of the most popular inventory control models are Economic Order Quantity (EOQ), Inventory Production Quantity, and ABC Analysis. Each inventory model has a different approach to help you know how much inventory you should have in stock.