The Inventory Management Process

This video provides an overview of the inventory management process for both manufacturers and retailers. The inventory management process is slightly more complicated for manufacturers because manufacturers build their inventory whereas retailers simply purchase inventory from manufacturers.

The inventory management process can be broken down into the following steps:
1. Order and receive inventory
2. Requisition raw materials into production (manufacturers only)
3. Manufacture the inventory (manufacturers only)
4. Store the inventory
5. Ship the inventory
6. Update the accounting records (this should take place throughout the process, including when inventory is received, transferred to customers, written down, converted from raw materials to work-in-process, or converted from work-in-process to finished goods)
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