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Finished Goods is a term used to classify INV in a (manufacturing) supply chain that are in a sellable state. Materials with Work-in-Process status typically change status to Finished Goods at the time the GR for a production order is recorded.
Alternative names include: Merchandise (Term used in Retail industries for Finished Goods).
Finished Goods inventory is recorded on the Balance Sheet as an asset.
Finished Goods Inventory 3 2 {{{keywords}}} {{{description}}}