inventory levels

What are the Different Types of Inventory?

Businesses typically manage several types of inventory:
Raw Materials: Basic materials used to produce goods.
Work-in-Progress (WIP): Partially completed products that are still in the production process.
Finished Goods: Completed products ready for sale.
Maintenance, Repair, and Operations (MRO) Supplies: Items used in the production process but not part of the final product.

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