IMGCAP(1)]Inventory management is the practice of planning, directing and controlling inventory so that it contributes to the business' profitability. Inventory is an asset on the balance sheet that ...

Generally Accepted Accounting Principles (GAAP) recognize three different types of inventory: raw materials, work-in-process and finished goods. Not every type of business carries all three types ...

Accounting Basics for Inventory. Inventory includes the raw materials used by manufacturers in production or the resale goods distributors and retailers acquire to sell to their customers.