Inventory

Inventory

The items a business purchases to resell to customers are called inventory.

If a shoe store bought $20,000 worth of shoes, $100 worth of cleaning fluid and $300 worth of cash register tape, only $20,000 would be inventory because that is the only thing that will be sold to customers. The cleaning fluid and cash register tape will be used in the business.

There is currently no content classified with this term.

Get instant access to step-by-step instructions on how to apply and sit for the CPA Exam.