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Finished goods are
Manufacturing has three classes of inventory:
# Raw material
# Work in process
# Finished goods
A good purchased as a "raw material" goes into the manufacture of a product. A good only partially completed during the manufacturing process is called "work in process". When the good is completed as to manufacturing but not yet sold or distributed to the end-user, it is called a "finished good".
This is the last stage for the processing of goods. The goods are ready to be consumed or distributed.
There is no processing required in term of the goods after this stage by the seller. Though there maybe instance that seller finished goods become buyer’s raw materials
Finished goods is a relative term. In a
goods
In economics, goods are items that satisfy human wants
and provide utility, for example, to a consumer making a purchase of a satisfying product. A common distinction is made between goods which are transferable, and services, which are not ...
that have completed the manufacturing
Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy. The term may refer to ...
process but have not yet been sold or distributed to the end user.
Manufacturing
Manufacturing has three classes of inventory:
# Raw material
# Work in process
# Finished goods
A good purchased as a "raw material" goes into the manufacture of a product. A good only partially completed during the manufacturing process is called "work in process". When the good is completed as to manufacturing but not yet sold or distributed to the end-user, it is called a "finished good".
This is the last stage for the processing of goods. The goods are ready to be consumed or distributed.
There is no processing required in term of the goods after this stage by the seller. Though there maybe instance that seller finished goods become buyer’s raw materials
Finished goods is a relative term. In a Supply chain management
In commerce, supply chain management (SCM) is the management of the flow of goods and services including all processes that transform raw materials into final products between businesses and locations. This can include the movement and st ...
flow, the finished goods of a supplier can constitute the raw material of a buyer.
References
{{DEFAULTSORT:Finished Good Inventory Manufacturing Management accounting