The Types of Inventories, Characteristics, and Roles of Inventory (Essay Sample)

INVENTORY MANAGENT
Name:
Institutional Affiliation
Types of Inventories and their Characteristics
* Raw materials are materials that would be converted into end products.
* Under inspection are materials that are going through review, some companies have a standard ways of checking incoming materials to ensure that they are of good quality and meet the required standards of the company.
* Work in process is material undergoing process, for some companies work in process can be significantly great. With proper planning it is reduced to give space hence reduce the disorder on the shop floor.
* Partially completed parts these are small parts produced within the company from raw materials they are stored for a short period of time then later issued out for use in finishing an end item or a sales order.
* Finished goods these are end products ready to be transported to the consumer.