Finished Goods Inventory

This video discusses Finished Goods Inventory.
Manufacturers have three types of inventory: Raw Materials Inventory, Work-in-Process Inventory, and Finished Goods Inventory. Finished Goods Inventory consists of products that have been completed and are ready to be sold to customers.
When the product is sold, the costs in Finished Goods Inventory will be expensed through Cost of Goods Sold.
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[@MyFinancialFocus]

This is where a strong sales force comes in!

[@christiechen193]

Thank you so much for your video. You are 100x better than my professor:)

[@ivornworrell]

*Thank you very much for your KZbin business videos.They are of tremendous help to business students.*

[@balling89]

Sorry sir 2:50 after we sold the canoes, why is there a cost incurred? Cogs. Thanks

[@withher5843]

To calculate net income. If you don't move from assets (Finished goods) to cogs, you can’t identify the net income ( Revenue - Cogs = gross profit)

[@yinyin7614]

Again, Fantastic video.

[@burizadokyan0n]

Thank you for the video sir, can i ask something? What if we create 70 canoes but we don't know how much cost occurred? what technique can we use to know the cost of it?

[@withher5843]

Collect records from purchase dept. How much they have purchased raw material for making those. & also from the production dept, how many labor/ machines worked for it (hour basis) Also need to add other overhead Such as utilise, production supervisors exp & other direct expenses. Hope you understood.

[@francescociccone2224]

well expld