There is no out of the box way to add new fields to InventoryRecord, unless you implement IInventoryService yourself, and that's not a trivial task. Instead you can have multiple warehouses, each for a location but they all share a same warehouse contact information
In my project client wants to have additional location code in addition to warehouse code for each inventory. So, a warehouse can have multiple locations where products are stored. I need to store this new location field for each inventory record in addition to warehouse code. Is there any way to add new column/field to the Inventory record? Ultimately each location code would go with line item.