inventory


inventory
inventoriable, adj.inventorial, adj.inventorially, adv.
/in"veuhn tawr'ee, -tohr'ee/, n., pl. inventories, v., inventoried, inventorying.
n.
1. a complete listing of merchandise or stock on hand, work in progress, raw materials, finished goods on hand, etc., made each year by a business concern.
2. the objects or items represented on such a list, as a merchant's stock of goods.
3. the aggregate value of a stock of goods.
4. raw material from the time of its receipt at an industrial plant for manufacturing purposes to the time it is sold.
5. a detailed, often descriptive, list of articles, giving the code number, quantity, and value of each; catalog.
6. a formal list of movables, as of a merchant's stock of goods.
7. a formal list of the property of a person or estate.
8. a tally of one's personality traits, aptitudes, skills, etc., for use in counseling and guidance.
9. a catalog of natural resources, esp. a count or estimate of wildlife and game in a particular area.
10. the act of making a catalog or detailed listing.
v.t.
11. to make an inventory of; enter in an inventory; catalog.
12. to take stock of; evaluate: to inventory one's life and accomplishments.
13. to summarize: to inventory the progress in chemistry.
14. to keep an available supply of (merchandise); stock.
v.i.
15. to have value as shown by an inventory: stock that inventories at two million dollars.
[1375-1425; late ME inventorie < ML inventorium; see INVENT, -TORY2]
Syn. 5. roster, record, register, account. See list1.

* * *

In business, any item of property held in stock by a firm, including finished goods held for sale, goods in the process of production, raw materials, and items that will be consumed in the process of producing salable goods.

Inventories appear on a company's balance sheet as assets. Inventory turnover, which indicates the rate at which goods are converted into cash, is a key factor in appraising a firm's financial condition. For financial statements, inventories may be priced either at cost or at market value.

* * *

      in business, any item of property held in stock by a firm, including finished goods ready for sale, goods in the process of production, raw materials, and goods that will be consumed in the process of producing goods to be sold. Inventories appear on a company's balance sheet as an asset. Inventory turnover, which indicates the rate at which goods are converted into cash, is a key factor in appraising a firm's financial condition. Fluctuation in the ratio of inventory to sales is known as inventory investment or disinvestment.

      The monetary value of the inventory also appears on the income statement in determining the cost of the goods sold. The cost of goods sold is determined by adding the inventory on hand at the beginning of the period to the cost of purchasing and producing goods during the period and subtracting from this total the inventory on hand at the end of the period. For financial statements inventories are usually priced at cost or at market value, whichever is lower. The purchase costs of the merchandise and materials usually fluctuate during the year, however, which makes it necessary to determine which cost-flow assumption is to be used for inventory purposes. Three methods are in general use: average cost; first-in, first-out (FIFO), which assigns the cost of the last units purchased to the inventory and the cost of the first units purchased to the goods that were sold; and last-in, first-out (LIFO), in which the reverse pattern is followed. (See accounting.)

* * *


Universalium. 2010.

Synonyms:
(as of the goods of a merchant or of a deceased person), , , , ,


Look at other dictionaries:

  • Inventory — means a list compiled for some formal purpose, such as the details of an estate going to probate, or the contents of a house let furnished. This remains the prime meaning in British English.[1] In the USA and Canada the term has developed from a… …   Wikipedia

  • inventory — in·ven·to·ry / in vən ˌtōr ē/ n pl ries 1: an itemized list of current assets: as a: a written list or catalog of the property of an individual, organization, or estate or succession that is made by a fiduciary under oath and that usu. describes… …   Law dictionary

  • Inventory — In ven*to*ry, n.; pl. {Inventories}. [L. inventarium: cf. LL. inventorium, F. inventaire, OF. also inventoire. See {Invent}.] 1. An account, catalogue, or schedule, made by an executor or administrator, of all the goods and chattels, and… …   The Collaborative International Dictionary of English

  • inventory — [in′vən tôr΄ē] n. pl. inventories [ML inventorium < LL inventarium < L inventus: see INVENT] 1. an itemized list or catalog of goods, property, etc.; esp., such a list of the stock of a business, taken annually 2. the store of goods, etc.… …   English World dictionary

  • Inventory — In ven*to*ry, v. t. [imp. & p. p. {Inventoried}; p. pr. & vb. n. {Inventorying}.] [Cf. F. inventorier.] To make an inventory of; to make a list, catalogue, or schedule of; to insert or register in an account of goods; as, a merchant inventories… …   The Collaborative International Dictionary of English

  • inventory — (n.) early 15c., from O.Fr. inventoire inventory, detailed list of goods, catalogue, from M.L. inventorium (L.L. inventarium) list of what is found, from L. inventus, pp. of invenire to find (see INVENTION (Cf. invention)). The verb is first… …   Etymology dictionary

  • inventory — ► NOUN (pl. inventories) 1) a complete list of items such as goods in stock or the contents of a building. 2) a quantity of goods in stock. ► VERB (inventories, inventoried) ▪ make an inventory of. ORIGIN Latin inventarium …   English terms dictionary

  • inventory — n *list, register, schedule, catalog, table, roll, roster …   New Dictionary of Synonyms

  • inventory — meaning ‘an official list of goods etc.’, is pronounced in vǝn tǝ ri in BrE and in vǝn taw ri in AmE …   Modern English usage

  • inventory — [n] list of stock; stock account, backlog, catalogue, file, fund, hoard, index, itemization, record, register, reserve, reservoir, roll, roster, schedule, stock book, stockpile, store, summary, supply, table, tabulation; concepts 283,338 …   New thesaurus

  • inventory — the value of all the stock of physical items that a business uses in its production process or has for sale in the ordinary course of doing business. Glossary of Business Terms A category of goods defined by Article 9 of the Uniform Commercial… …   Financial and business terms


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.