You can archive and delete an inventory if your role on the team level is Team Administrator. To do so, follow the next steps:
1. Select the inventory you wish to delete.
2. Click on the Archive button.
3. Click on the View button in the top right corner, and select Show archived inventory option. This will take you to the list of archived inventories. You can maintain the inventory here in the archive (in which case it contributes to your total number of inventories), or continue and permanently delete it.
Note that the archived inventory or inventory items can be restored from the Archive, however, inventory (item) deletion is not a reversible action.
4. To then delete the desired inventory, again select the inventory of choice and click the Delete button.
Archiving of inventory items works in an identical manner, the only difference being that you need to select the inventory items you wish to archive/delete.