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Types of Inventories

Kinds And Types of Inventories

Inventories can be classified into five major categories.

A. Raw Material

It is basic and important part of inventories. These are goods which have not yet been committed to production in a manufacturing business concern.

B. Work in Progress

These include those materials which have been committed to production process but have not yet been completed.

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C. Consumables

These are the materials which are needed to smooth running of the manufacturing process.

D. Finished Goods

These are the final output of the production process of the business concern. It is ready for consumers.

E. Spares

It is also a part of inventories, which includes small spares and parts.

Types of Inventories Types of Inventories Reviewed by Ikpokolo Francis on Monday, July 31, 2017 Rating: 5

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