inventory


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Related to inventory: inventory accounting, inventory control, Inventory management, Inventory turnover, inventory valuation

Inventory

For companies: Raw materials, items available for sale or in the process of being made ready for sale. They can be individually valued by several different means, including cost or current market value, and collectively by FIFO (First in, first out), LIFO (Last in, first out) or other techniques. The lower value of alternatives is usually used to preclude overstating earnings and assets. For securities firms: Securities bought and held by a broker or dealer for their own account.

Inventory

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, Just-in-Case.

inventory

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.

inventory

the STOCKS of finished goods, WORK IN PROGRESS and raw materials held by businesses. See INVENTORY INVESTMENT, STOCKHOLDING COSTS.

inventory

the STOCKS of finished goods, WORK-IN-PROGRESS and raw materials held by businesses. See INVENTORY INVESTMENT.

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.

Inventory

For income tax purposes, inventory consists of items acquired for sale to customers in the regular course of a taxpayer's trade or business.
References in periodicals archive ?
Price: $2900 for single-user system with both equipment and inventory modules.
The company's flagship inventory management and RFID automation software enables businesses to tag, track, and manage their inventory with real-time monitoring.
Current inventory trends also affect calculations used to capitalize and include certain costs in ending tax inventory as required by the UNICAP rules under Sec.
For instance, instead of fighting change and trying to create a steady-state supply chain, come up with ways to better respond to change faster and more efficiently--even if that means building up inventory.
By sharing chemicals between departments and/or laboratory units, actual inventory is reduced, quality control improves, and the liability and disposal costs associated with the large standing inventories are reduced.
To help prevent or detect such abuses, the auditor's inventory observation procedures should follow these guidelines:
Any method that does allocate costs to specific inventory items may be compared to any other permissible method that allocates costs to specific inventory items to determine reasonableness (this is hardly ever the case).
Founded in 2001, FreeFlow provides manufacturers with business services and technology that squarely address asset recovery in a subscription-based, turnkey solution that enables customers to yield higher margins, increased inventory throughput and improved cash flow quickly and with minimal overhead.
The in-transit inventory (shipped via boat from outside the U.
Assume Company X's inventory counting procedures are being tested and (1) have the client recount all the areas counted by the person who made the error or (2) have the client recount the entire inventory?
DPM will help us add inventory to the S&OP process, creating an SIOP process," said Kevin Richard, executive vice president, operations and COO.
Situation 2: The facts are the same as in Situation 1, except that N accounted for waste disposal costs as a production cost in calculating its inventory costs for all years.