What is Stock?
Stock (Definition)
Your stock, also known as inventory, is a catalogue of the items, components, and raw materials that the company uses or sells on a regular basis. It is used to describe all products that are used in various stages of production or production planning. Raw materials, for example, can include things like material and dye for a company that manufactures clothes. Components include the parts used to make products; these are the same before and after the products are finished – such as nails.
Work in progress is items used in the production, such as packing materials and raw materials. Safety stock, maintenance and repairs goods, cycle stock (such as napkins), are all inclusive, among others. Keeping track of stock is imperative for businesses to ensure they have everything they need to manufacture, sell, and distribute their products.
