Change tracking

I'm about to try this, but I'd like some suggestions. I have a inventory
table that an employee can update specific fields if they are incorrect,
e.g.

[INVENTORY_TABLE]
fields example data
part 1027P
serial 543221-K
qty 120
location G-5

I'd like to record what changed. Let's say they change the serial. One way
would be a "static" changes table:

[INVENTORY_CHANGES]
fields example data
old_part 1027P
new_part 1027P
old_serial 543221-K
new_serial 543221-4
....

I'm thinking a better/more flexible solution would be

[INVENTORY_CHANGES]
inventory_id (FK to inventory table)
field (in this case it would be serial, detected by comparing POST values to
original values, but could be serial and qty/location)
original 543221-K
new_value 543221-4

Just curious as to other possible solutions or problems with these (probably
the second one).

Thanks,
Mike Smith

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