Goods, other than farm products, held by a person for sale or lease or consisting of raw materials, works in progress, or material consumed in a business are known as:

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Inventories refer to goods held by a person for the purpose of sale or lease or those that are consumed in the production of goods for sale. Raw materials, work in progress, and finished goods are all examples of inventories. Consumer goods refer to products that are purchased by the end-user for personal consumption, while equipment and fixtures are assets used in the production of goods or provision of services. Accessions refer to improvements or additions made to existing property, and are not relevant in this context.

Goods, Other Than Farm Products, Held by a Person for Sale