Question

What is meant bt inventory.Mention the various types of inventory?

Answer 1

Answer:

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. ... Generally, inventory types can be grouped into four classifications: raw material, work-in-process, finished goods, and MRO goods.

There are three types of inventory listed – raw material and supplies, work in progress and finished goods. Also, note that the majority of Colgate's inventory is the Finished goods inventory.

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