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Classification Of Stock
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Everything you use to make a product, provide a service or run a business is part of your stock.
There are four main types of stock:
- raw materials and components - ready to use in production
- work in progress - stocks of unfinished goods
- finished goods ready for sale
- consumables - fuel and stationery
The type of stock can influence the quantity you should keep (see the page in this guide that determines the quantity of stock you should keep).
The resources that are used in farm production (chemicals, tools, implements, feed and seed) are collectively called agricultural inputs. Most farm inputs are purchased from a co-op or shop. The volumes of inputs purchased are normally high and it has to be stored on the farm before being used. The equipment is normally expensive and requires storage (when not in use) to ensure that they last for a prolonged period of time.