The inventory of finished goods on hand at the end of a period would be considered an asset, but inventories of raw materials and work-in-process would not be considered assets until production is completed

Question

Quizplus · Accepted Answer

All types of inventory, including finished goods, raw materials, and work-in-process, are considered assets on a company's balance sheet as they hold economic value and are expected to provide future benefits to the company.

The Inventory of Finished Goods on Hand at the End