Inventory, Inventory Control, Inventory Turnover




Inventory, Inventory Control, Inventory Turnover :




Inventory : A statement comprising the list of all materials, supplies, finished goods or goods in some stage of processing that are owned by a company whether located physically on the premises of that company, in transit or in the hands of a distributor who has them on consignment



Inventory Control : The system in which itemised goods are managed. The list of goods which are received and as they are dispersed so that an inventory balance may be maintained and periodically checked against a physical count



Inventory Turnover : The number of times the ordered amount of an item or items is distributed over a given period : one of the factors used to determine the desirable amount of order. A comparison of the estimate of goods sold during an accounting period with the average estimate of inventory which may be expressed as the number of times that inventory is replaced during the period or the average length of time that goods are held in inventory




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