Inventory Managment

2. All the items or products a business has on hand, which they use to make money by selling them or using them to create something.
5. (Last-In, First-Out) A method of managing inventory where the newest items (the last ones in) are sold or used first.
6. Having too much of a product, more than what is needed or can be sold in a reasonable time.
10. (WIP) Items that are currently being made but aren't finished yet. Think of half-built cars in a car factory.
11. Inventory Count/Stocktake Physically counting all the items a business has in stock to make sure the records are correct.
12. When a customer orders something that is not currently in stock, and they have to wait until it’s available again.
16. Goods Products that are completely made and ready to be sold to customers.

1. Records A list that keeps track of all the products a business has, where they are, and how many there are.
3. Point The level of inventory at which a business knows it needs to order more stock to avoid running out.
4. When a business runs out of a product that customers want to buy.
7. Materials The basic stuff used to make products. For example, wood is a raw material for making furniture.
8. When a business receives new products or materials, they get a document confirming what was delivered.
9. When a business takes items out of inventory to use them or sell them, they make a record of it, called an issue.
11. Orders A document that a business sends to a supplier to order more products or materials they need.
13. Inventory System A way of keeping track of inventory continuously by updating records every time something is added or taken out.
14. (First-In, First-Out) A method of managing inventory where the oldest items (the first ones in) are sold or used first.
15. Turnover A measurement of how often a business sells and replaces its inventory over a certain time period.