What is the difference between finished goods and goods in inventory?

In the past, accounting was divided into industrial accounting and commercial accounting, and in industrial accounting, the finished product can be called a finished product. In the business accounting, the goods that are purchased and waiting for ** are called inventory goods.

Today's accounting is no longer divided into industrial accounting and commercial accounting, and is collectively referred to as financial accounting for enterprise units, so it is now called inventory goods.

Old GAAP:

The difference between an inventory item and a finished product.

1) Inventory commodities refer to purchased products that do not need to be processed, and finished products refer to products processed with raw materials;

2) Most of the inventory commodities of retail enterprises are measured by tax-included selling prices, and finished products are measured by tax-exclusive manufacturing costs;

3) The difference between the amount of goods in stock and the purchase amount excluding tax shall be included in the account of the difference between the purchase and sale of goods.

New Accounting Standards:

In the accounting of the new enterprise, the finished product is changed to inventory goods, and the finished product can be directly replaced by the inventory goods.

Personally, I think that when the production cost is transferred to the finished product: borrow: finished product, credit: production cost. Yes can be changed to: borrow: inventory goods, credit: production costs.

First of all, the application object is different.

Commodities are for general commercial enterprises (i.e., supermarkets) and finished products are for production enterprises (manufacturing).

Finished products refer to the finished products of the enterprise, and can also refer to the inventory of the production enterprise.

First of all, the finished product is a commodity that is produced or processed by the enterprise itself, and the commodity is obtained only by the enterprise outsourcing

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Finished products, also known as "finished products", refer to products that have completed the entire production process in an enterprise, passed the inspection according to the specified standards, and are available for sale. Simply put, it's an item to be sold.

Finished goods are stocked goods.

Answer: 1. Finished products belong to inventory.

2. Inventory includes the connotation of finished products and inventory.

Accounting Standard for Business Enterprises No. 1 - Inventory

Article 3 Inventory refers to the finished products or commodities held by the enterprise in its daily activities, the products in the production process, and the materials and materials consumed in the production process or the provision of labor services.

3. Types of inventory.

Depending on the nature of the industry in which a company operates, the inventory it holds will also vary. In the case of industrial and commercial enterprises, inventories can be divided into the following categories according to different economic contents:

1) Raw materials.

It refers to the various raw materials and main materials, auxiliary materials, fuels, repair spare parts (spare parts), packaging materials and purchased semi-finished products (purchased parts) that are processed and changed in the production process and constitute the main entity of the product.

2) in the product.

It refers to the products that are being manufactured by the enterprise and have not yet been completed, including products that have been processed but have not yet been inspected, or products that have been inspected but have not yet gone through the warehousing procedures.

3) Semi-finished products.

It refers to the intermediate products that have gone through a certain production process and have been inspected and delivered to the semi-finished product warehouse for safekeeping, but have not yet been manufactured into finished products and still need to be further processed; However, it does not include in-house semi-finished products that are transferred from one production plant to another for further processing, as well as in-house semi-finished products that cannot be costed separately.

4) Finished products.

It refers to the products that the industrial enterprise has completed the entire production process and received the inspection into the warehouse, which can be sent to the ordering unit in accordance with the conditions specified in the contract, or can be sold as a commodity.

For example, an automobile production and sales enterprise, the purchase of auto parts (raw materials) to assemble a part of the car, the car assembly is completed and the inspection is sold in the warehouse, these vehicles are finished products.

(5) Commodities.

It refers to the various commodities purchased or commissioned by commodity circulation enterprises to complete the inspection and use for sale.

6) Packaging.

It refers to a variety of packaging containers reserved for the purpose of packaging the company's goods, such as barrels, boxes, bottles, jar bags, etc.

7) Low-value consumables.

It refers to various utensils and items that cannot be used as fixed assets, such as tools, management tools, glassware, and labor protection supplies. and containers used for turnover in the course of business.

8) Consignment of consignment products.

It refers to the goods that the enterprise entrusts other units to sell.

1. The scope is different: the finished product means that the enterprise has completed all the production processes and has entered the warehouse in accordance with the standard specifications and technical conditions, and can be sold to the order unit according to the conditions specified in the contract, or can be sold as a commodity. Inventory refers to all kinds of materials, materials, materials, means of production, means of production, means of production, all kinds of materials, semi-finished products, finished products or inventory goods, as well as packaging, low-value consumables, commissioned processing materials, etc.

2. The content reflected is different: the finished product is an inventory commodity, and the accounting is in"Inventory items"In the account, the actual cost of inventory goods is reflected, and inventory is the balance sheet item that reflects the net realizable value of the enterprise's inventory at the end of the year, in transit and in transit, including various materials, commodities, products, semi-finished products, packaging, low-value consumables, installment consignment, consignment sales of goods, consignment goods, etc.

3. Fill in differently: the finished product is a kind of inventory, that is, the inventory contains the finished product. "Inventory"The items are in the balance sheet, press"Material procurement"、"Raw materials"、"Low-value consumables"、"Homemade semi-finished products"、"Inventory of goods"、"Packaging"、"Receive in installments"、"Consignment processing"Principles of material,"Consignment of goods","Credible sale of goods","Production costs","Goods represent the sale of goods"The subject of the total closing balance, minus the closing balance of the reserve account for the decline in inventory**, is filled in.

Enterprises that calculate materials at planned cost, and enterprises that account for inventory goods at planned cost or sales **, should also be included in the amount after adding or subtracting the difference in material cost and the difference in inventory. Sale and purchase of goods.

1. Different definitions:

1. Finished products refer to products that have been completed by the enterprise and have been inspected in the warehouse to meet the standard specifications and technical conditions, and can be sent to the ordering unit in accordance with the conditions specified in the contract, or can be sold as commodities.

2. Inventory refers to the finished products or commodities held by the enterprise in its daily activities, the products in the production process, the materials or materials used in the production process or the provision of labor services, etc., including all kinds of materials, products, semi-finished products, finished products or inventory commodities, packaging materials, and low-value consumables.

Consignment of processing materials, etc.

Second, the content reflected is different:

Finished products are inventory goods, which are accounted for in the "inventory goods" account, reflecting the actual cost of inventory goods of the enterprise; Inventory is a balance sheet.

reflects the net realizable value of the enterprise's inventory at the end of the period, inventory in transit and in processing.

Including all kinds of materials, commodities, products, semi-finished products, packaging, low-value consumables, installment goods, consignment goods, consignment goods, etc.

3. Finished products are a kind of inventory, that is, inventory includes finished products.

The "inventory" item in the balance sheet is based on "material procurement", "raw materials", "low-value consumables", "self-made semi-finished products", "inventory goods", "packaging materials", "goods issued by installments", "consignment processing materials", "consignment goods", "consignment goods", and "production costs".

The total closing balance of the consignment goods" and other accounts, minus the "provision for inventory decline".

The amount after the closing balance of the account is filled. Enterprises that use planned costing for materials, and for inventory goods that are accounted for at planned cost or selling price, should also add or subtract material cost differences.

The amount after the difference between the purchase and sale price of the product is filled.

The inventory goods account is the actual cost (or purchase price) or planned cost (or selling price) of various goods that the enterprise inventories. It includes purchased goods in stock, self-made products, goods stored in the store department, goods sent out for exhibition, and goods stored outside or stored in the warehouse, etc.; The inventory commodities of industrial enterprises mainly refer to finished products. Finished products refer to the products that meet the specifications and technical conditions of the enterprise and have completed the entire production process and are inspected in the warehouse, and can be sent to the ordering unit in accordance with the conditions specified in the contract, or can be sold as commodities.

The finished products of the enterprise are also accounted for in the "Inventory Goods" account.

Accounting requirements for inventory: The criterion for determining whether an inventory belongs to the inventory of an enterprise is to see whether the enterprise has legal person property rights (or legal property rights) to the inventory. All items that belong to the enterprise in legal title at the date of inventory, regardless of where they are stored or in what state, should be recognized as the inventory of the enterprise.

On the contrary, all items whose legal property rights do not belong to the enterprise, even if they are stored in the enterprise, should not be recognized as the inventory of the enterprise.

Discrepancies in inventory? Not the same as survival.

Inventory, secondly, inventory variance, is the difference between the actual cost of inventory goods and the planned cost based on inventory goods.

Therefore, when you calculate the inventory of goods, there will be a time value in the actual cost, and there will also be a time value to be taken into account in the calculation of our planned cost.

Previously, the main distinction between stockpiled goods and finished goods was in industry and commerce.

In the past, industrial enterprises used in the subject of products and finished products; Inventory goods account for commercial enterprises.

At present, efforts are being made to unify the accounting subjects, and the finished products of industrial enterprises are no longer used for warehousing, but the inventory commodity accounts are used, just as the sales revenue is now called the main business income.