Legal Definitions - inventory

Inventory refers to a list of assets that a person or business currently has in their possession. For a business, it specifically refers to all the goods or property that are currently stocked and available for sale.

For example, a grocery store's inventory would include all the food items, cleaning supplies, and other products that are currently on the shelves and in the stockroom. A clothing store's inventory would include all the clothing items, accessories, and other merchandise that are currently available for purchase.

Having an accurate inventory is important for businesses because it helps them keep track of what they have on hand and what they need to order more of. It also helps them make decisions about pricing, promotions, and sales.