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Many firms carry inventory related to the kind of business it engages in. Identify a firm...

Many firms carry inventory related to the kind of business it engages in. Identify a firm and provide an example of its inventory.?

Business   Operations-Management   
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Answer #1

Let us assume the firm here is Apple and the product is iPhone. The inventory is carried in three ways:

1. Finished goods inventory - Suppose Apple forecasted sales of 100 iPhones on day 1 , however only 95 sold. Hence, 5 unsold phones on day 1 are your finished goods inventory i.e. product ready for sale.

2. WIP inventory - Suppose Apple forecasted sales of 100 iPhones on day 2, and started the manufacturing of phones on Day 1. Now the WIP inventory is 100, i.e. phones yet to be manufactured however are in process of getting manufactured.

3. Raw material inventory - Suppose Apple forecasted sales of 50 iPhones on day 3, and procured the raw material on day 1 to manufacture on day 2 and sell on day 3. Now the raw material inventory is 50, i.e.materials in the production facility to manufacture phones.

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