Finished Goods Inventory: Calculation & Formula


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question 1 of 3

What is finished goods inventory?

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1. How can an item be considered inventory and also a supply?

2. What is the formula for calculating finished goods inventory?

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About This Quiz & Worksheet

Checking out what's necessary before a business like can sell us something, this quiz and corresponding worksheet will help you gauge your knowledge of finished goods inventory. Topics you'll need to know to pass the quiz include understanding the definition of finished goods inventory as well as knowing how an item can be considered inventory and also a supply.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • Definition of finished goods inventory
  • Comparison between inventory and supply
  • Finished goods inventory formula
  • How a finished goods inventory balance decreases

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Distinguishing Differences - compare and contrast topics from the lesson, such as inventory and supply
  • Interpreting information - verify you can read information regarding how a finished goods inventory balance decreases and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the characteristics of various accounts

Additional Learning

To learn more about the potential of this stock, review the corresponding lesson on Finished Goods Inventory: Calculation & Formula. This lesson will help you:

  • Define what finished goods inventory is
  • Understand what finished goods can be used for
  • Appreciate how supply relates to inventory
  • Describe how to calculate the inventory for finished goods
  • Identify how inventory increases or decreases