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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".
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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 may be instance that seller finished goods become buyer's raw materials
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Cost and
Management Accounting: Fundamentals and its Applications
120:"Inventory Turnover Ratio: Trouble or Paradise?"
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
