Keyword Analysis & Research: manufacturing inventory types

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What are the four basic types of inventory?

There are four classifications of inventory: raw material; work-in-process; finished goods; and maintenance, repair and operating supplies, or MRO goods. One or more of these inventory types are predominately used, depending upon the type of business or firm.

What are examples of inventory items?

Inventory is generally categorized as raw materials, work-in-progress, and finished goods. Raw materials are unprocessed materials used to produce a good. Examples of raw materials include aluminum and steel for the manufacture of cars, flour for bakeries production of bread, and crude oil held by refineries.

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