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Inventory is an integral part of any business, as it represents the products that a company has available to sell. There are two main ways to value inventory: cost-based and market-based.

Cost-based valuation considers the materials and labor required to produce the inventory, while market-based valuation uses current market prices. In most cases, businesses will use both methods to assess the value of their inventory more accurately.

While inventory is a crucial aspect of business, it is essential to remember that not all inventory is created equal. Inventories can be classified as raw materials, work-in-progress, or finished goods.

Raw materials are the parts used to create a product, work-in-progress refers to partially completed items, and finished goods are ready to be sold. Each type of inventory has implications for the business, so it is crucial to understand how each one affects the bottom line.

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