MANAGEMENT

Detailed explanation-1: -Finished goods are goods that have completed the manufacturing process but have not yet been sold or distributed to the end user.

Detailed explanation-2: -Finished goods are products that have completed the manufacturing process but have yet to be sold to customers.

Detailed explanation-3: -Inventory is the raw materials used to produce goods as well as the goods that are available for sale. It is classified as a current asset on a company’s balance sheet. The three types of inventory include raw materials, work-in-progress, and finished goods.

Detailed explanation-4: -The term manufacturing refers to the processing of raw materials or parts into finished goods through the use of tools, human labor, machinery, and chemical processing. Manufacturing allows businesses to sell finished products at a higher cost than the value of the raw materials used.