Raw Materials - These are the basic materials or components used in the manufacturing or production process. They have not yet been transformed into finished products., Work-in-Process (WIP) Goods - These are partially completed products or items that are in the process of being manufactured or assembled but are not yet finished., Finished Goods - These are fully completed and ready-to-sell products or items that are in stock and available for customers to purchase., Goods in Transit - Inventory items that are in the process of being transported from one location to another. They are typically considered part of inventory until they reach their destination., Safety Stock - Extra inventory held to mitigate the risk of running out of stock due to unexpected increases in demand, supply chain disruptions, or other uncertainties., Obsolete Inventory - Items that are no longer saleable due to becoming outdated, damaged, or otherwise unsellable. These may be written off or disposed of., Goods on Consignment - Inventory held by a business but owned by another party, typically a supplier or manufacturer. The owning party retains ownership until the goods are sold., MRO Inventory (Maintenance, Repair, and Operations) - Inventory items used for the maintenance, repair, and operation of machinery, equipment, or facilities. These items are essential for keeping operations running smoothly., Finished Goods for Resale (Merchandise Inventory) - Inventory held by retailers for the purpose of selling directly to customers. This category is common in the retail industry., Seasonal Inventory - Items specifically purchased or produced to meet increased demand during certain seasons or holidays., Excess Inventory - Inventory that exceeds the current demand or sales forecasts. Managing excess inventory is important to prevent overstocking., Consigned Inventory - Inventory that is placed with a distributor or retailer by a manufacturer or supplier, but the ownership remains with the manufacturer or supplier until the items are sold., Obsolete or Discontinued Inventory - Items that are no longer in demand or are no longer produced by the manufacturer. These may be sold at clearance prices or written off.,

Inventory elements

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