👉 Inventories, which are collections of products or items that have been manufactured and sold by a company. These inventories can be classified into different categories such as new products, existing products, discontinued products, and obsolete products. Inventories also play a crucial role in inventory management, as they help companies track the status of their inventory and ensure that it is always up-to-date with respect to sales and production. Inventories are essential for businesses because they allow them to quickly identify what products are