Hi Kruthika,

Yes, It is possible. 

Please find below help description from IFS Cloud 24R1

The inventory part number. When entering a new inventory part, ,a record is automatically created in the part catalog. If a part is already entered in the part catalog, a connection between your new inventory part and the part in the part catalog is established (on the assumption that you are using the same part number).

An inventory part can have multiple corresponding sales part records. A sales part can also generate the corresponding inventory part.

If you enter inventory parts of the Purchased, Purchased Raw, or Expense type, corresponding purchase part records are created.

Regards,
Niluminda