Next Lable Inventory

 Types of Inventory   Four Types of Inventory? Before obtaining information about the types of inventory control systems, it is important to understand the different types of inventory. In general, inventory can be classified into four primary classifications: Raw Materials - Raw materials are inventory materials used to make finished goods in the manufacturing process. One company is considered a raw material, another can be considered as finished goods. For example, a company that makes parts or components for machinery or equipment considers those components to be finished goods. A manufacturer that purchases those components for use in its manufacturing process will consider the same component raw materials. Raw materials may include paper or steel, nuts and bolts, chemicals, wheels and other items. Work-in-progress - Work-in-progress (WIP) list includes items that are currently being processed. The WIP inventory may include raw materials and components that are undergoing the ma

Stock control and  Inventory Stock control, otherwise known as inventory control, is used to show how much stock you have at any one time, and how you track it. This applies to every item you use, from raw materials to finished goods to use the product or service. It covers stock at every stage of the production process, from purchase and distribution to stock use and re-ordering. Efficient stock control allows you to have the right amount of stock at the right time right moment.  This ensures that capital is not unnecessarily tied up, and protects production when problems arise along the supply chain. Types of stocks How much stock should you keep? Stock control methods Stock control systems - keeping track manually Types of stock Everything you use to make your products, provide your services and run your business is part of your stock. There are four main types of stocks: Raw materials and components  Work in progress - Unfinished stock of goods in production Finished goods ready fo