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Explain the following inventory account and provide a real-life example from three (3) different manufacturing companies:...

Explain the following inventory account and provide a real-life example from three (3) different manufacturing companies: finished goods inventory.
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Answer #1
  • The finished goods inventory are the inventory which are finished in manifactureing process and
  • Readly available for sale ,
  • This account records opening inventory of finished goods ,units completed during production period and closeing inventory of finished goods available after sale
  • in cost terms called is cost of goods sol​d or cost ofgoods available for sale

The manufacturing companies where Finished goods occurs are : Steel industry, Fabric industry and cement industry.

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