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Inventory management

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Inventory management,[object Object],BY-  ABHISHEK GOYAL,[object Object]
INTRODUCTION,[object Object],Inventory is material that the firm obtains in advance of need, holds until it is needed, and then used, consumes, incorporates into a product, sells, or otherwise disposes it of. A business inventory is temporary in nature.,[object Object],Inventories are stock of any kind like fuel and lubricants, spare parts and semi-processed materials to be stored for future use mainly in the process of production or it can be known as the ideal resource of any kind having some economic values. ,[object Object]
Inventory valuation involves two process,[object Object],[object Object]
 Assignment of the values of theunits items of inventory,[object Object]
Forms of inventories,[object Object],There are many types of inventory. The form of inventories depends upon the type of concern. All types of inventory do not require same treatment and therefore policy with regard to each may also differ.,[object Object]
Raw material inventories:,[object Object],There are raw materials and other supplies, parts and components, which enter into the product during the production process and generally form part of the product.,[object Object],Work in process inventories:,[object Object],These are semi finished, work in progress and partly finished products formed at the various stages of production.,[object Object]
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Inventory management