Types of Inventory Items
Raw materials and purchased parts from outside
suppliers.
Components: subassemblies that are awaiting final
assembly.
Work in process: all materials or components on the
production floor in various stages of production.
Finished goods: final products waiting for purchase or to
be sent to customers.
Supplies: all items needed but that are not part of the
finished product, such as paper clips, duplicating machine
toner, and tools