inventory (redirected from Minnesota Multiphasic Personality Inventory)
Also found in: Dictionary
Related to Minnesota Multiphasic Personality Inventory: personality test
, Minnesota Multiphasic Personality Inventory (MMPI-2)
The raw materials
and the products made from them that a company possesses and intends to sell
in short order. It also includes raw materials that are in the process of being made into a final product. Inventory is considered an asset
on a balance sheet
, but because it comes with costs
(such as storage and spoilage), most companies seek to find a balance between having too much inventory, which comes with these costs, and too little, which could result in the company not filling orders for the product. Inventory may be accounted
on a last-in-first-out
or a first-in-first-out basis, which each has advantages and disadvantages. See also: Just-in-Time
The amount of raw materials, work in process, and finished goods being held for sale at a given time. Diamonds held by a jeweler, engines owned by General Motors, and canned and frozen foods in a grocery store chain's warehouse are examples of inventory. Inventory is generally the least liquid item listed by a firm in the current asset account of its balance sheet. See also beginning inventory
, ending inventory
(1) The total listings controlled by a real estate broker.(2) The total property for sale or lease in a defined area.(3) Property held for sale in the ordinary course of business or to be used in the manufacture of goods held for sale.(4) An itemized listing of personal property.
For income tax purposes, inventory consists of items acquired for sale to customers in the regular course of a taxpayer's trade or business.