MANAGEMENT

Detailed explanation-1: -Machines come under the asset category, hence CNC Milling Machine is an asset not inventory.

Detailed explanation-2: -The answer goes to serial no: 3-Raw Material is not a type of Inventory. Inventory is defined as a stock or store of goods. These goods are maintained on hand at or near a business’s location so that the firm may meet demand and fulfill its reason for existence.

Detailed explanation-3: -Which of the following is not an inventory account? Equipment is not an inventory account. Equipment consists of items used in the production of income that are not held for sale. Inventory can include raw materials, work in process, and finished goods.

Detailed explanation-4: -Companies should pay equal attention to all five inventory types: raw materials inventory, work-in-progress (WIP) inventory, maintenance, repair, and operating (MRO) inventory, finished goods inventory, and packing materials inventory.

Detailed explanation-5: -Hence, storage expenses are not a part of inventory.