The Collaborative International Dictionary of English v.0.48:

Inventory \In"ven*to*ry\, v. t. [imp. & p. p. Inventoried; p.
   pr. & vb. n. Inventorying.] [Cf. F. inventorier.]
   To make an inventory of; to make a list, catalogue, or
   schedule of; to insert or register in an account of goods;
   as, a merchant inventories his stock.
   [1913 Webster]

         I will give out divers schedules of my beauty; it shall
         be inventoried, and every particle and utensil labeled.
                                                  --Shak.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

inventorying \inventorying\ n.
   the act or process of making an inventory; making an itemized
   list of merchandise or supplies on hand.

   Syn: inventory, stocktaking.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

inventorying
    n 1: making an itemized list of merchandise or supplies on hand;
         "an inventory may be necessary to see if anything is
         missing"; "they held an inventory every month" [syn:
         inventory, inventorying, stocktaking, stock-taking]