manufactured inventory that has begun the production process but is no how have many companies significantly lowered inventory levels and costs how have many companies significantly lowered inventory levels and costs?

Name: ACIS2115 Chapter 6, 02/28
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Chapter 6 Notes: Merchandisers need only one inventory classification, merchandise inventory. Manufacturing companies classify inventory into three categories: finished goods inventory, work in process, and raw materials.  Finished goods inventory – manufactured items that are completed and ready for sale.  Work in progress – the portion of manufactured inventory that has begun the production process but is not yet complete.  Raw materials – basic goods that will be used in production but have not yet been placed into production. Just-in-time (JIT) inventory – inventory system in which companies manufacture of purchase goods only when needed. Many have significantly lowered inventory levels and