Inventory reduction via JIT is an effective tool for identifying causes of variability. So, the correct answer is (c).
Both the natural resources used in manufacturing and the completed commodities that are available to be purchased are included in the definition of inventory. Among a firm's most valuable assets is its inventory because it serves as one of the major sources of generating revenue and, consequently, a source of income for the equity assets.
There are three distinct types of inventory: finished commodities, work-in-progress, and raw materials. On the company's balance sheet, it is represented as a current asset. Inventory is indeed a vital asset for every company. It is characterized as the assortment of raw materials or finished products that a business keeps all through the normal course of operations.
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