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inventory business definition
- 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.
- 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.
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