Identify the types of inventories Apple INC currently manages, describe their essential inventory characteristics and concepts of inventory, and describe all the inventory elements Apple provides to customers. Use the below for context: Just-in-time (JIT) manufacturing: Apple uses a just-in-time manufacturing approach, which means that components and finished goods are manufactured and delivered to Apple's warehouses and retail stores as close to the time of need as possible. This reduces the need for Apple to maintain large inventories. The first in, first out (FIFO) system is applied in Apple's inventory management