inventory

inventory definition - business

inventory

  1. The amount of raw materials, work in process, and finished goods being held for sale at a given time. Diamonds held by a jeweler, engines owned by General Motors, and canned and frozen foods in a grocery store chain's warehouse are examples of inventory. See also beginning inventory, ending inventory.
  2. Assets owned by an individual or family. For example, a family makes an inventory of household items for insurance purposes in the event their home is damaged by fire.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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