Inventory falls into three categories:
- Finished Goods
- Raw Materials
- Work in Process
Finished Goods Inventory is Inventory that is on hand and ready for sale to the customer. Finished Goods is inventory on hand at different points of sale; the manufacturer, wholesaler, retailer, etc.
Work in Process Inventory refers to goods that are in production and not yet a finished good. This includes any products in any stage of the manufacturing process
Raw Material Inventory is any type of material, parts, or components used in the manufacturing process to produce finished products.
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