Inventory managment
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Define and compare the four types of inventory: Raw material, component, sub-assemblies, and finished goods.
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This solution defines and compares the four types of inventory: Raw material, component, sub-assemblies, and finished goods.
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Here are the definitions and comparisons
1. Raw material: It is the form of material in crude shape and of least value added. The examples could be iron ore, crude oil, castings, wood. On raw material various processes and operations are performed i.e. value is added so that it can become part of finished goods. Generally, raw materials are consumed by industrial customers who buy them to finish them into a product which is consumed by ...
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