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Purpose of Inventory within a Business
What is the purpose of raw materials inventory?
The purpose of raw materials inventory is to ensure a continuous supply of materials for production processes, minimizing the risk of production delays or disruptions.
What is the role of work in progress inventory in the production process?
Work in progress inventory represents goods or products that are in the production process but not yet completed. It serves as a buffer between different stages of production, allowing for a smooth flow of work, enabling coordination between different workstations, and reducing bottlenecks. It ensures that the production process operates efficiently and helps balance the flow of materials and resources.
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