What does an "inventory variance" represent?

An "inventory variance" represents a difference between recorded and physical inventory. This concept is crucial for inventory management, as discrepancies can arise due to various factors such as theft, loss, damage, or errors in record-keeping. By understanding and identifying inventory variances, organizations can take corrective actions to improve accuracy in their inventory systems, ensuring that the data they rely on reflects the true state of their stock.

The other choices address different aspects of inventory management without capturing the essence of what an inventory variance specifically denotes. The total number of supplies received relates to incoming inventory rather than discrepancies. Surplus supplies available for use focus on an excess beyond current needs, which does not necessarily indicate a variance. Lastly, the total value of inventory provides a financial perspective rather than an operational discrepancy associated with the physical count against recorded amounts.