BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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This type of inventory is classed as goods that have entered the transformation process but have not yet emerged from it.
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Buffer Stock
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Pipeline inventory
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Finished goods inventory
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Work in progress inventory
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Anticipation inventory
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Explanation:
Detailed explanation-1: -There are four main types of inventory: raw materials/components, WIP, finished goods and MRO.
Detailed explanation-2: -Indirect raw materials are the components that are not part of the final products but are used during the production process.
Detailed explanation-3: -Work-in-progress inventory is the partially finished goods waiting for completion and resale. WIP inventory is also known as inventory on the production floor.
Detailed explanation-4: -Work-In-Process Inventory includes all the direct materials, direct labor and manufacturing overhead costs that have been added to the manufacturing process but for which production has not been completed.
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