define inventory in accounting

In other words, these goods and materials serve no other purpose in the business except to be sold to customers for a profit. The cost of inventory should include all costs necessary to acquire the items and to get them ready for sale.

Inventory represents one of the … A current asset whose ending balance should report the cost of a merchandiser's products awaiting to be sold. The inventory of a manufacturer should report the cost of its raw materials, work-in-process, and finished goods. inventory definition. an accounting term that refers to goods that are in various stages of being made ready for sale Inventory accounting is the body of accounting that deals with valuing and accounting for changes in inventoried assets. Inventory is the term for the goods available for sale and raw materials used to produce goods available for sale. Inventory items can fall into one of the following three categories: Held for sale in the ordinary course of business; or; That is in the process of being produced for sale; or Definition: Inventory, often called merchandise, refers to goods and materials that a business holds for sale to customers in the near future. They are not used in the produce things or promote the business. Inventory may not be immediately ready for sale. Inventory is an asset that is intended to be sold in the ordinary course of business.

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