Inventory should include

product names, prices, and quantities on hand
quantities produced or received in a given period
quantities removed or sold in a given period
following the principle of first in, first out (FIFO) vs. last in, first out (LIFO).

Process/Skill Questions:

How can correct inventories affect bottom-line profit margins?
How can inventory records help managers capitalize on sales trends?
How can sales systems and databases influence the accuracy of inventory records?
How can inventory records be a deterrent against employee theft?
What information should be included when doing inventory?
How often should inventory be done?
Why would a company use LIFO instead of FIFO?