Inventory Chart Of Accounts (ICOA) is an accounting system used to track inventory items and their associated costs. It records the purchase of goods, sales of goods, and any other expenses related to procurement activities. The ICOA keeps a record of all products in stock, including date acquired, quantity purchased, cost, and selling price. This data provides an overview of the company’s inventory performance and helps managers forecast future trends. With the help of an ICOA, businesses can plan in advance to optimize the flow of materials and ensure efficient purchasing decisions. By having an accurate and up-to-date inventory chart of accounts, companies can maximize their profits while staying compliant with industry regulations.