finished goods stock

Quick Reference

The value of goods that have completed the manufacturing process and are available for distribution to customers. In any accounting period there will be opening stock of finished goods at the beginning of the period and closing stock of finished goods at the end of the period. Methods of valuing finished goods stock are covered by Statement of Standard Accounting Practice 9 and may include first-in-first-out cost or average cost methods.

Subjects: Accounting.

Reference entries