The materials used in production in a manufacturing company or placed on the shelf for sale in a retail environment are typically referred to as "inventory". Inventory can be divided into three main categories:

1. Raw Materials: These are the basic materials that are used in the production process. They are usually transformed into finished goods. For example, in a car manufacturing company, raw materials would include steel, rubber, glass, etc.

2. Work-in-Progress (WIP): These are the materials that are currently being processed into finished goods. Using the same car manufacturing example, a car that is partially assembled but not yet complete would be considered WIP.

3. Finished Goods: These are the completed products that are ready for sale. In the car manufacturing example, a finished car ready to be sold to a dealership or customer would be considered a finished good.

In a retail environment, the inventory is typically the goods that are ready for sale to customers. This could include anything from clothing to electronics, depending on the type of retail store.

Question

The materials used in production in a manufacturing company or placed on the shelf for sale in a retail environment are typically referred to as "inventory". Inventory can be divided into three main categories:

1. Raw Materials: These are the basic materials that are used in the production process. They are usually transformed into finished goods. For example, in a car manufacturing company, raw materials would include steel, rubber, glass, etc.

2. Work-in-Progress (WIP): These are the materials that are currently being processed into finished goods. Using the same car manufacturing example, a car that is partially assembled but not yet complete would be considered WIP.

3. Finished Goods: These are the completed products that are ready for sale. In the car manufacturing example, a finished car ready to be sold to a dealership or customer would be considered a finished good.

In a retail environment, the inventory is typically the goods that are ready for sale to customers. This could include anything from clothing to electronics, depending on the type of retail store.

Knowee AI · Accepted Answer

The materials used in production in a manufacturing company or placed on the shelf for sale in a retail environment are typically referred to as "inventory". Inventory can be divided into three main categories:

1. Raw Materials: These are the basic materials that are used in the production process. They are usually transformed into finished goods. For example, in a car manufacturing company, raw materials would include steel, rubber, glass, etc.

2. Work-in-Progress (WIP): These are the materials that are currently being processed into finished goods. Using the same car manufacturing example, a car that is partially assembled but not yet complete would be considered WIP.

3. Finished Goods: These are the completed products that are ready for sale. In the car manufacturing example, a finished car ready to be sold to a dealership or customer would be considered a finished good.

In a retail environment, the inventory is typically the goods that are ready for sale to customers. This could include anything from clothing to electronics, depending on the type of retail store.

What are materials used in production in a manufacturing company or are placed on the shelf for sale in a retail environment.

Question

What are materials used in production in a manufacturing company or are placed on the shelf for sale in a retail environment.

Solution

Similar Questions

Upgrade your grade with Knowee