Please reply to Post W/175 wrds

Inventory and stock are an important contributing factor to what has been forecasted and or anticipated for customer demand. It also enables guarantee for a certain percentage of products made available in the case of an unexpected influx of demand. Additionally, companies who elect to maintain a robust amount of inventory can benefit in prolonging, back orders and or shipping cost for bulk items needed for restock. Looking at inventory turnover alone does not provide an adequate basis for decisions on inventory levels (Schroeder, 2020).

Different types of inventories such as raw materials, work in progress and finished goods are necessitated by diverse industries in order to establish and function the business objectives. Per this week's discussion, gas stations, hamburger stands, clothing stores, and machine shops sustain an inventory control best suited for the organization.

Gas Stations- Raw materials would consist of gas reserves and diesel fuel products. Finished goods via a gas stations inventory are the products consisting of the available snacks such as chips, drinks, foods, etc.

Work in Progress (WIP) would be the gas or fuel as it is being pumped by the consumer.

Hamburger stands- Raw materials would include the components needed to make the hamburgers or other foods. For example, meat, buns, toppings such as veggies, pickles and or other condiments such as ketchup or mustard. The work in progress would the ingredients as being constructed such as buns, prefabricated meat patties, etc. Lastly, finished goods would the assembled or completed burger with raw materials and work in progress assembled.

Clothing Store- Raw materials would be the fabric, cloth and or textile materials prior to manufacturing the finished clothing product. Clothing as it is be designed or created before releasing for sale would be considered work in progress. Additionally, finished products are the completed items and readily available to sell to customers.

Machine shop- All three types of inventories from raw materials, work in progress and finished goods. The machine shop creates end and or completed products and so components needed in between such as nuts and bolts are utilized in manufacturing. The goal is to produce finished products through the use of raw materials and work in progress materials.