What does Total Inventory mean?
Total Inventory consists of all assets held for sale in the ordinary course of business or goods that are used and/or consumed in the production of goods to be sold. Inventories may include raw material, work in progress and finished goods, although other categories of asset items may be classified as 'Inventories' depending upon the company's business.
Total Inventory is defined as the sum of: i) Inventories Finished Goods, ii) Inventories Work-in-Progress, iii) Inventories Raw Materials, iv) Inventories Other, iv) LIFO Reserve, v) Gas in Storage Inventory, vi) Fuel Inventory.
