Any tangible goods which are part of a business that is intended to be sold is considered as inventory. This can include various products and items that the business puts up for physical sale to the general public.
If a business is low on inventory, it will usually mean that a stock item is either out of stock, demand has increased and supply has decreased, or the need thereof has gradually reduced.
Businesses in retail and hospitality are great examples of where you will find inventory. These items will include clothing, shoes, furniture, food items, consumables, etc. Any item that is available to be purchased can be considered as tangible goods or inventory.
Today businesses are making use of inventory management software to assist with stocktaking of all current items currently available in their store.
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