Inventory Management, Types, Cost, And Decision-making Process For Business Essay.

Types and Classification of InventoryInventory is the non-capitalized asset in business whose management helps in the flow of goods from manufacturers to the point of sale. Common inventories are of five types such as raw material, work-in progress, packaging items, finished products and supplies (Enqvist et al. 2014). On the basis of nature of business, inventories are classified into merchandise inventory and manufacturing inventory. The for…