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Managerial accounting question . Managerial Accounting Terms. Explain the following inventory account and provide a real...

Managerial accounting question .

Managerial Accounting Terms.

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

Goods or raw materials inventory which have completed the manufacturing process and readily available for sale or consumption are called Finished Goods Inventory. Finished Goods Inventory are also called the end products before consumption.

Three real life examples of different manufacturing companies of Finished Goods Inventory:

1) Auto-Mobile Industries - Manufacturing Company - Volkswagen Company where Finished Goods Inventory is Cars with different models.

2) Food Industry - Manufacturing Company - Nestle Company where Finished Goods Inventory are Nestle Energy Drinks like Milo, Milk Products like Cerelac etc.

3) Oil Industry - Manufacturing Company - Chevron Corporation where Finished Goods Inventory is Gasoline, Diesel, Jet Fuel etc.

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