Which of the following categories of inventory are typically reported by a company in its financial statements?

• Inventory is classified into three major categories in financial reporting: o Raw Materials → Basic inputs used in production (including consumables and stores). o Work-in-Progress (WIP) → Goods that are partially completed and still undergoing production. o Finished Goods → Fully completed products held for sale in the ordinary course of business. • This classification is crucial for valuation, cost accounting, and preparation of financial statements. Therefore, the correct classification is Raw material, Work-in-progress, and Finished goods.