I sell honey, so I buy raw honey and bottle it for sale; easy. But I also manufacture ready to eat items from these raw ingredients. Can the Advanced Inventory module help me to control all of this?

Hello! 

 

You can create item "raw honey" set its price and cost. Enable track stock option for that item to be able to track inventory, fill in the "in stock" field. You can make this item unavailable for sale in your store if you dont want to sell it (just to be able to track the inventory).

Then you can create item "honey bottle", make it composite with component "raw honey", fill in the quantity field, then the cost for that item will be automatically calculated and you will only need to fill in the price field. For the composite items it is also possible to enable the "use production" option (this option is useful for items made in advance) it will help you track the inventory produced  items.

 
The same way you can create ready to eat items from the raw ingredients you have. You need to add this ingredients first (they will be components for the composite items you will create next), Then set up composite items. For each of the components you will enable the "track stock" option to easy track inventory of components.
In the back office, you can check different reports (filter them by period of time, stores, employees), separate item history (for components). Advanced inventory allows you to create a purchase order for the supply of products. If you have more than one store, you can transfer your produced items to the other location, you can make a stock adjustment and inventory count for your items.
There is also a possibility to check the inventory history (see all the items that were sold, damaged, transferred etc) and inventory valuation report (you can see the total cost of inventory and profits from their sale).